NHAI revises list of FASTag issuers, removes Paytm Payments Bank.

The National Highway Authority of India (NHAI) has updated its list of authorized banks and non-banking financial companies (NBFCs) that can issue FASTags.

Key Points

• The revision comes after the Reserve Bank of India (RBI) ordered the closure of Paytm Payments Bank Ltd (PPBL) due to non-compliance and supervisory concerns.
• The revised list now includes a total of 39 banks and NBFCs eligible to issue FASTags to vehicle owners.
• Some prominent names on the list include 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.

The Story

The National Highway Authority of India (NHAI) has updated its list of authorized institutions that can issue FASTags, a mandatory electronic toll collection system in India. This revision follows the Reserve Bank of India's (RBI) directive to shut down Paytm Payments Bank Ltd (PPBL) for non-compliance with regulatory requirements. Consequently, PPBL has been removed from the list of FASTag issuers.

The revised list encompasses a total of 39 banks and NBFCs, providing vehicle owners with a wider range of options to obtain FASTags. This aims to ensure a smooth transition to the electronic toll collection system, streamlining the payment process and minimizing congestion at toll plazas across the country.

A Look at the Revised List

The revised list incorporates prominent names from the banking sector, including 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.

Other authorized institutions on the list include 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.

Why it Matters

The NHAI's move to revise the FASTag issuer list ensures continued accessibility for vehicle owners seeking to obtain FASTags. This facilitates a seamless transition towards electronic toll collection, promoting faster commutes and efficient traffic management on national highways.