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Paytm Fastag Removed from NHAI’s Official Bank List

Paytm Fastag Removed from NHAI’s Official Bank List

Paytm Fastag Removed from NHAI’s Official Bank List

The recent decision by the National Highways Authority of India (NHAI) to remove Paytm Payments Bank Limited (PPBL) from its list of authorized banks has dealt another blow to Paytm. The move comes amidst ongoing challenges for Paytm. NHAI, through its subsidiary Indian Highways Management Company Ltd. (IHMCL), manages toll collection on national highways. PPBL’s removal from the list of authorized banks means that users must now look to other banks for fastag services without any interruptions.

NHAI’s Updated List of Authorized Banks

In the list released by IHMCL, notable banks such as AirTel Payments Bank, Allahabad Bank, Bank of Baroda, HDFC Bank, ICICI Bank, IDBI Bank, Punjab National Bank, SBI, and Yes Bank are included, totaling 32 banks. However, PPBL is conspicuously absent from this list. The Reserve Bank of India (RBI) had instructed PPBL to cease onboarding new customers, wallets, fastag deposits, and top-ups from February 29. This development indicates that existing funds in the affected accounts can only be utilized until further notice.

Clarity on Existing Accounts

RBI’s directive also clarifies that the funds in the affected accounts can only be used until exhaustion, emphasizing that no new transactions can be initiated beyond that point. The directive underscores the importance of adhering to regulatory guidelines in financial operations.

NHAI’s Response and User Guidance

In response to NHAI’s decision, Paytm users are advised to migrate their fastag services to any of the authorized banks listed by IHMCL. This migration ensures uninterrupted usage and compliance with regulatory requirements. It is crucial for users to initiate this transition promptly to avoid any inconvenience during their travels.

Conclusion

While the removal of PPBL from NHAI’s list presents a challenge for Paytm users, the availability of alternative banking options ensures continuity in fastag services. NHAI’s decision underscores the importance of regulatory compliance in financial operations and highlights the need for prompt action from affected users to mitigate any potential disruptions. As per IHMCL’s guidance, users are encouraged to transition their fastag services to authorized banks to ensure seamless travel experiences. Paytm users must adhere to regulatory directives and prioritize a smooth transition to avoid any inconvenience in their journeys.

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