🚀 Medial Secures Investment on Shark Tank India - Fueling the Future of Professional Social Networking. 🔥

Startup Showcase

Premium Content

Try our Valuation Calculator →

News on Medial

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.

Related News

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.

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.

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.

'Hardly Any Room' for Reviewing Action Against Paytm Payments Bank: RBI Gov Das

OutlookIndia

OutlookIndia · 1y ago

'Hardly Any Room' for Reviewing Action Against Paytm Payments Bank: RBI Gov Das

The Reserve Bank of India (RBI) Governor, Shaktikant Das, has stated that there is "hardly any room" for reviewing the action taken against Paytm Payments Bank (PPBL). Das emphasized that the RBI takes decisions after careful consideration and analysis. The RBI recently directed PPBL to stop onboarding new customers and accepting payments in customers' wallets, FASTags, and credit offerings. The central bank has also prohibited PPBL from taking deposits or credit transactions after February 29. PPBL faces strict action due to non-compliance and ongoing supervisory concerns.

Paytm shares hit fresh record low, down 24% this week alone

Economic Times

Economic Times · 1y ago

Paytm shares hit fresh record low, down 24% this week alone

Shares of Paytm, the fintech company, fell to a new record low of Rs 318.05 on NSE, losing about 24% of its market value in a week. The RBI ban on Paytm Payments Bank has impacted the company's business, and the road tolling authority has advised users to buy FASTags from authorized banks excluding Paytm Payments Bank. The Enforcement Directorate has initiated an inquiry against Paytm Payments Bank. RBI Governor Shaktikanta Das stated that there will be no review of the decision on Paytm Payments Bank. Experts suggest retail investors stay away from the stock until regulatory hurdles are resolved. Macquarie predicts the stock could slump to Rs 275.

Paytm temporarily halts Postpaid operations as NBFC partners get wary

Economic Times

Economic Times · 1y ago

Paytm temporarily halts Postpaid operations as NBFC partners get wary

Paytm has temporarily suspended its buy-now-pay-later service called Postpaid due to lending partners being cautious about fintech partnerships. Aditya Birla Capital, a major partner, seems to have pulled out of the Postpaid partnership, leading to the suspension of the service. Paytm has also halted new sign-ins for the service. It is unclear if Paytm is in talks with its existing non-banking finance company partners to relaunch the service. This decision has affected some users of the Postpaid service.

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.

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.

Paytm shares crash over 42% in 3 days; investors lose Rs 20,500 crore

Economic Times

Economic Times · 1y ago

Paytm shares crash over 42% in 3 days; investors lose Rs 20,500 crore

Shares of Paytm, the troubled fintech company, fell another 10% on Monday, reaching its lower circuit limit on the stock exchange. This comes as the regulatory crisis surrounding the company deepens, with fresh allegations of money laundering and an investigation by the Directorate of Enforcement (ED) emerging. Paytm has lost 42.4% of its value in the last three trading sessions, and stock exchanges have reduced the lower circuit limit to 10%. Paytm Payments Bank is also facing an existential crisis following a ban imposed by the Reserve Bank of India (RBI).

Paytm Shares Slip To 52-Week Low Amid Exodus Of Leaders

Inc42 · 1y ago

Paytm Shares Slip To 52-Week Low Amid Exodus Of Leaders

Shares of fintech major Paytm dropped by 5% to INR 317.45 on May 8th, hitting a 52-week low and resulting in a market cap of $2.41 billion. This decline follows the recent departures of key leaders, including the COO, CMO, and CEO of Paytm Payments Bank. Paytm has been dealing with increased volatility since the Reserve Bank of India's clampdown on certain operations of its payments bank business in January. Founder and CEO Vijay Shekhar Sharma is now taking charge of key verticals as the company grapples with these challenges.

Trackers

Active Indian VC’s

OG Capital Email

With a hands-on approach, OG Capital aims to invest in over 20 promising...

Accel Partners Email

Early and growth-stage investments in disruptive technology companies with...

Early-stage venture capital firm investing in technology startups in India. Focus on...

Access All Trackers

Startup Showcase Winners

June 2025

Helping your parents when you are miles away

The Pit Stop Your Cravings Deserve

The next generation E-commerce platform

Enter Ongoing Startup Showcase

Top Users

Trending News on Medial

Download the medial app to read full posts, comements and news.