Starting March 15, Paytm FASTags will not work. However, users can still use the available balance, and request a refund or cashback.

The National Highway Authority of India (NHAI) has released an updated list of authorized banks and non-banking financial companies (NBFCs) that are permitted to issue FASTags. This development follows the Reserve Bank of India’s (RBI) decision to restrict Paytm Payments Bank Ltd (PPBL) from certain operations, including FASTags, due to non-compliance and supervisory concerns. As a result, Paytm Payments Bank has been removed from the list of authorized banks for issuing FASTags.

Starting March 15, Paytm FASTags will stop working. However, users can still use the balance available in their accounts, and request a refund, or cashback. According to the Reserve Bank of India’s (RBI) FAQs, users will be able to close their old FASTags and ask for a refund.

“To avoid any inconvenience, it is suggested that you get a new FASTag issued from another bank before March 15, 2024,” the RBI stated in their FAQs.

  • list of banks are included for FASTag payments.

There is a list of 39 banks and NBFCs which are authorized to issue FASTags to vehicle owners. The list includes Airtel Payments Bank, Axis Bank Ltd, Bandhan Bank, Bank of Baroda, Canara Bank, HDFC Bank, ICICI Bank, IDFC First Bank, IndusInd Bank, Kotak Mahindra Bank, Punjab National Bank, State Bank of India and Yes Bank.

Allahabad Bank, AU Small Finance Bank, Bank of Maharashtra, Central Bank of India, City Union Bank Ltd, Cosmos Bank, Dombivli Nagari Sahakari Bank, Equitas Small Finance Bank, Federal Bank, Fino Payment Bank, Indian Bank, Indian Overseas Bank, J&K Bank, Karnataka Bank, Karur Vysya Bank, LivQuik Technology Pvt Ltd, Nagpur Nagarik Sahakari Bank Ltd, Punjab Maharashtra Bank, Saraswat Bank, South Indian Bank, Syndicate Bank, The Jalgaon People’s Co-op Bank, Thrissur District Cooperative Bank and UCO Bank are also in the list.

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