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Paytm Payments Bank's FASTag Users Switch to HDFC Bank, Axis Bank Amid RBI Restrictions

21 Mar 2024 , 01:07 PM

Many Paytm Payments Bank FASTag customers are switching to HDFC Bank or Axis Bank due to RBI’s restrictions on Paytm Bank, according to sources. The transition process is reportedly smooth as customers have various banks’ FASTag services to choose from.

A Paytm executive mentioned that the majority of customers are opting for HDFC Bank and Axis Bank, but the migration is still in its early stages.

RBI’s guidelines restrict Paytm Payments Bank FASTag users from recharging their accounts after March 15, 2024, but they can use the existing balance for toll payments.

NPCI has listed 39 banks for FASTag users to choose from, emphasizing customer preference.

FASTag, an electronic toll collection system, operates via RFID technology and directly deducts toll payments from linked prepaid or savings accounts.

NHAI advised Paytm FASTag users to switch to another bank’s FASTag before March 15 to avoid penalties or double fee charges while travelling on National Highways.

RBI imposed business restrictions on Paytm Payments Bank in January, including a ban on fresh deposits and credit transactions, due to major irregularities in KYC compliance.

In February, RBI advised Paytm Payments Bank customers to shift their accounts to other banks by March 15, allowing unrestricted withdrawal or utilization of balances beyond that date.

For feedback and suggestions, write to us at editorial@iifl.com

Related Tags

  • FASTag
  • Paytm Payments Bank
  • RBI
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