Indian Highways Management Company Limited (IHMCL), the toll collection arm of state-owned NHAI, has advised highway users to purchase FASTags from 32 authorized banks.
Fast Tag (FASTag) is an electronic toll collection system operated by NHAI in India. On january 31, the bank OF INDIA' target='_blank' title='reserve bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW'>reserve bank of india directed paytm Payments bank (PPBL) to stop accepting deposits or top-ups in any customer accounts, wallets, FASTTags and other instruments after february 29. However, any interest, cashback or refund may be credited back to customers at any time.
“After february 29, 2024, no further deposits or credit transactions or top-ups will be allowed in customer accounts, prepaid instruments, wallets, FASTags, NCMC cards, etc., other than interest, cashback or refunds. RBI said that this regulatory action is against paytm Payment bank Ltd and the paytm app will not be affected. There are many questions regarding the use of paytm Fast Tag by highway users.
Paytm FASTags with balance on february 29, 2024 can work till balance is exhausted. However, no additional transactions or top-ups are possible. IHMCL has advised highway users to purchase FASTags from 32 authorized banks excluding paytm Payments Bank. Earlier, IHMCL in a letter dated january 19, 2024 had barred paytm Payments bank from issuing new FASTags. paytm FASTags with balance on february 29, 2024 can be used till balance is exhausted.
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