The Indian Highways Management Company Ltd (IHMCL), which handles toll collection for NHAI, suggests highway users to get their FASTags from 32 authorized banks, excluding Paytm Payments Bank (PPBL), for smoother travels. Some of these banks are Airtel Payments Bank, Allahabad Bank, HDFC Bank, ICICI Bank, and State Bank of India.
Continued Use of FASTags
Despite recent changes, the Reserve Bank of India (RBI) clarifies that FASTags can still be used to pay tolls as long as there is a balance available.
Transitioning from Paytm Payments Bank (PPBL)
The RBI advises customers and merchants of Paytm Payments Bank Ltd (PPBL) to switch their accounts to other banks by March 15. After this date, no further funding or top-ups will be allowed for FASTags issued by PPBL.
FAQs on PPBL Transition
The RBI provides a list of frequently asked questions (FAQs) for the convenience of PPBL customers and the general public, covering topics like continued use of FASTags, balance transfers, and account closures.
Balance Transfer and Account Closure
Customers with FASTags issued by PPBL cannot transfer their balance to a new FASTag from another bank. They must close their old FASTag and request a refund from PPBL.
Withdrawal and Utilization of Balances
PPBL customers can withdraw or use their balances from various accounts, including FASTags, without any restrictions, even after March 15.
FASTag KYC Process
IHMCL encourages FASTag users to complete the ‘Know Your Customer’ (KYC) process for their latest FASTags, following RBI guidelines.
What is FASTag?
FASTag is an electronic toll collection system in India operated by NHAI, utilizing Radio Frequency Identification (RFID) technology for toll payments directly from linked bank accounts.