FASTag : NHAI releases updated list of authorized Fastag issuers
The National Highways Authority of India (NHAI) had removed Paytm from the list of banks and NBFCs issuing Fastag. Now, it has released a new list of Fastag issuers.
The NHAI ordered the closure of Paytm Payments Bank Limited (PPBL) due to non-compliance with payments bank regulations and supervisory concerns by the Reserve Bank of India (RBI). After which it was removed from the list of banks and NBFCs issuing FASTag.
There are a total of 39 banks and NBFCs in the revised list that are eligible to issue FASTag to vehicle owners. The banks and NBFCs included in the revised list of Fastag issuers authorized by NHAI include – Airtel Payments Bank, Allahabad Bank, AU Small Finance Bank, Axis Bank Limited, Bandhan Bank, Bank of Baroda, Bank of Maharashtra, Canara Bank, Central Bank of India, City Union Bank, Cosmos Bank, Equitas Small Finance Bank, and Federal Bank.
Other banks featured in the list are Fino Payments Bank, HDFC Bank, ICICI Bank, IDBI Bank, IDFC First Bank, Indian Bank, Induslnd Bank, J&K Bank, Karnataka Bank, Karur Vysya Bank, Kotak Mahindra Bank, Nagpur Nagarik Sahakari Bank, Punjab National Bank, Saraswat Bank, State Bank of India, Thrissur District Cooperative Bank, UCO Bank, Union Bank of India, and Yes Bank.
About FasTag
FASTag is a tag for vehicles that utilises Radio Frequency Identification (RFID) technology to enable direct toll payments while the vehicle is in motion. It is operational at over 750 toll plazas across national and state highways in India, streamlining toll collection processes and reducing travel time.The RFID chip is affixed on the vehicle’s windscreen, facilitating toll payments linked to the user’s account.