The National Highway Authority of India has made a significant move by removing Paytm Payments Bank Ltd (PPBL) from its list of 30 authorized banks for FASTag services due to regulatory concerns regarding alleged rule violations. Consequently, Paytm FASTag users will need to obtain new Radio Frequency Identification (RFID) stickers as Paytm FASTags will cease to be operational after March 15.
With over 70 million FASTag users in India, this decision impacts a substantial number of users, including more than 15 million who rely on Paytm Payments Bank, which claims a 30 percent market share. Users are advised to switch to other banks for FASTags to avoid disruptions during toll payments on roads after the specified deadline.
Additionally, the Reserve Bank of India (RBI) has extended the deadline for Paytm Payments Bank services to March 15, allowing users to conduct various transactions until then, including deposits, credit services, prepaid services, wallets, FASTags, and National Common Mobility Cards. However, after this deadline, these services will no longer be accessible, prompting users to take necessary actions such as removing accounts or withdrawing deposits before the new deadline.
This post was last modified on 17 February 2024 10:49 am
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