Paytm FASTag: RBI imposed restrictions on Paytm Payments Bank earlier this month, and people are worried about it. We all are curious: if not Paytm, then what else? Paytm was undoubtedly one of the most loved and used apps among Indians. In this article, we will tell you about the list of Banks offering FASTags and the notice that the Reserve Banks of India are issuing.

According to media reports article, the National Highways Authority of India (NHAI) has issued a warning encouraging highway users to obtain FASTags from recognised banks rather than Paytm Payments Bank Ltd (PPBL). The directive comes as Paytm Payments Bank Ltd (PPBL) experiences operational disruptions, with only 32 listed banks authorized to issue FASTags, excluding PPBL.

According to the Reserve Bank of India’s (RBI) directive, Paytm FASTags would cease to operate after February 29, after the ban placed on PPBL from supplying services beginning next month.

Authorised Banks, as per RBI

The NHAI has identified several banks for FASTag services, including Airtel Payments Bank, Allahabad Bank, AU Small Finance Bank, Axis Bank, Bank of Baroda, Bank of Maharastra, Canara Bank, Central Bank of India, City Union Bank, Cosmos Bank, Equitias Small Finance Bank, and Federal Bank.

The list also includes Fino Payments Bank, HDFC Bank, ICICI Bank, IDBI Bank, IDFC First Bank, Indian Bank, IndusInd Bank, J&K Bank, Karnataka Bank, Karur Vysya Bank, Kotak Mahindra Bank, Nagpur Nagarik Sahakari Bank, Punjab National Bank, Saraswat Bank, State Bank of India, Thrissur District Cooperative Bank, UCO Bank, Union Bank of India, and Yes Bank.

According to the RBI’s January 31 release, while withdrawals or utilisation of balances from Paytm customer accounts, including savings and current accounts, prepaid instruments, FASTags, and National Common Mobility Cards, will be permitted until the available balance is depleted, other banking services will be discontinued after February 29, 2024. According to the RBI, this action against PPBL was taken in response to a detailed system audit report and compliance validation by external auditors.