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IHMCL Removes Paytm Payments Bank From List Of Banks Authorised To Issue FASTag

OutlookIndia

OutlookIndia · 1y ago

IHMCL Removes Paytm Payments Bank From List Of Banks Authorised To Issue FASTag

Indian Highways Management Company Ltd (IHMCL) has removed Paytm Payments Bank from the list of banks authorized to issue FASTags, urging highway users to purchase them from the remaining 32 authorized banks. The move comes as IHMCL aims to ensure hassle-free travel for users. FASTag is an electronic toll collection system in India that enables toll payments using RFID technology linked to users' bank accounts. The NHAI estimates there are over 80 million FASTag users in the country.

Related News

Paytm Crisis: Now, No Room For The Fintech Major In New FASTags List

Inc42 · 1y ago

Paytm Crisis: Now, No Room For The Fintech Major In New FASTags List

Paytm Payments Bank has been excluded from the list of authorized banks for purchasing FASTags, raising concerns for Paytm FASTag users at tolling booths. The move is intended to prevent any issues for the millions of Paytm FASTag users after the Reserve Bank of India prohibited the payments bank from accepting deposits after February 29. As a result, Paytm FASTag users may need to cancel their existing tags and purchase new ones from the authorized banks listed by IHMCL, the electronic tolling arm of NHAI.

NHAI Asks Paytm Users To Switch To Another Bank FASTag By March 15

Inc42 · 1y ago

NHAI Asks Paytm Users To Switch To Another Bank FASTag By March 15

The National Highways Authority of India (NHAI) has advised Paytm FASTag users to switch to another bank before March 15, 2024, in order to avoid penalties or double fee charges while using national highways. This comes after the Reserve Bank of India issued guidelines regarding restrictions on Paytm Payments Bank. Paytm FASTag users will not be able to recharge or top-up their balance after the specified date. NHAI has provided an updated list of authorised banks that can issue FASTags. Paytm Payments Bank had previously been omitted from the list.

Paytm not in list of 32 banks authorised to issue new FASTags

Economic Times

Economic Times · 1y ago

Paytm not in list of 32 banks authorised to issue new FASTags

The Indian road tolling authority has excluded Paytm Payments Bank from the list of 32 authorized banks to issue new FASTags. This move comes after the Reserve Bank of India barred Paytm Payments Bank from offering services starting in February. With over 20 million Paytm FASTag users, the government is concerned about the inconvenience they may face. Paytm FASTags will become inoperative from February 29, and users are advised to purchase new RFID stickers from the authorized banks listed by the Indian Highways Management Company.

More trouble for Paytm: Now, NHAI arm bars Paytm payments bank from issuing fresh FASTags

Inc42 · 1y ago

More trouble for Paytm: Now, NHAI arm bars Paytm payments bank from issuing fresh FASTags

Paytm Payments Bank has been barred by Indian Highways Management Company Ltd (IHMCL) from issuing new FASTags after an audit found non-compliance with the prescribed parameters. IHMCL, which handles toll-related matters, is seeking a response from Paytm Payments Bank regarding potential penalties for the non-compliance. Existing FASTag customers will not be affected. This comes after Paytm Payments Bank faced a penalty from the RBI for non-compliance with KYC norms. Despite these issues, Paytm has managed to lower its net loss and increase its operating revenue.

NHAI advises Paytm FASTag users to switch to other FASTags by March 15 or face penalties

Economic Times

Economic Times · 1y ago

NHAI advises Paytm FASTag users to switch to other FASTags by March 15 or face penalties

The National Highways Authority of India has advised Paytm FASTag users to procure a new FASTag from a different issuing bank before March 15, 2024. This is to ensure a seamless travel experience and avoid penalties or double fee charges at toll plazas. The Reserve Bank of India has imposed restrictions on Paytm Payments Bank transactions, which will take effect on Friday. Users can still use their existing balance to pay tolls beyond the stipulated date. A list of 32 authorized banks, excluding Paytm Payments Bank, has been provided for users to purchase new FASTags for hassle-free travel.

How banks are snagging market share from Paytm Payments Bank’s Fastag business

Economic Times

Economic Times · 1y ago

How banks are snagging market share from Paytm Payments Bank’s Fastag business

Paytm Payments Bank has lost market share in FASTag toll transactions due to regulatory action. Data from the National Payments Corporation of India (NPCI) shows that commercial banks have benefited from this loss. The Reserve Bank of India's crackdown on Paytm Payments Bank has led to a decline in its market share to 2% in the segment.

Paytm Payments Bank releases FAQs on steps to close Paytm FASTag, refund of FASTag balance & more

Economic Times

Economic Times · 1y ago

Paytm Payments Bank releases FAQs on steps to close Paytm FASTag, refund of FASTag balance & more

As per a directive from the Reserve Bank of India (RBI), Paytm Payments Bank FASTag users will not be able to add balance or recharge their accounts after March 15, 2024. However, they can continue using their FASTag to pay tolls and parking fees until the available balance is depleted. Paytm advises users to obtain a new FASTag from another bank before the deadline to avoid any inconvenience. The directive does not affect existing balances, which will remain safe with Paytm Payments Bank. To close the Paytm Payments Bank FASTag, users can follow the steps provided in the Paytm App.

NHAI urges Paytm FASTag users to switch to other bank FASTag

IndianStartupNews

IndianStartupNews · 1y ago

NHAI urges Paytm FASTag users to switch to other bank FASTag

The National Highways Authority of India (NHAI) has advised Paytm FASTag users to switch to another bank's FASTag before March 15 to avoid travel disruptions and penalties. The move comes after the Reserve Bank of India imposed restrictions on Paytm Payments Bank, affecting the ability to recharge accounts after the deadline. The NHAI has updated its list of authorized FASTag providers to offer users a range of options. Users can utilize their existing Paytm FASTag balance for toll payments beyond March 15 but may face difficulties in recharging their accounts. Resources are provided to help users transition smoothly.

Paytm shares jump 5%. How good is the TPAP news for shareholders?

Economic Times

Economic Times · 1y ago

Paytm shares jump 5%. How good is the TPAP news for shareholders?

Shares of One97 Communications, the parent company of Paytm, rose by 5% after receiving approval from the National Payments Corporation of India (NPCI) to participate in the Unified Payments Interface (UPI) as a Third-Party Application Provider (TPAP). Axis, HDFC, SBI, and YES Bank will be the payment service provider banks, with YES Bank also acting as the merchant acquiring bank. This approval paves the way for Paytm to operate as a payment service provider and deepen its engagement with banks. The approval also removes regulatory challenges and allows for a smooth transition of customers and merchants.

Paytm Payments Bank to close from March 15. Here's all that you need to know

Livemint

Livemint · 1y ago

Paytm Payments Bank to close from March 15. Here's all that you need to know

Paytm Payments Bank (PPBL) will be shutting down services such as deposits, credit transactions, and FASTag recharges from March 15, following directives from the Reserve Bank of India (RBI). PPBL was found to be non-compliant with know-your-customer (KYC) requirements and other RBI procedures. Customers will no longer be able to deposit money, use UPI and IMPS functions, or recharge their FASTags through PPBL. However, they can continue to withdraw and transfer money, use existing funds in their wallets, and accept payments from Paytm QR codes or PoS terminals if linked to a different bank account. The National Highways Authority of India (NHAI) advised PPBL FASTag users to procure a new one from another bank. The BSE has also suggested investors register accounts with alternative banks instead of PPBL to avoid disruptions in securities market transactions.

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