RBI Issues FAQs on Paytm FASTag Usage for Toll Payments

The Reserve Bank of India (RBI) recently issued a set of FAQs regarding the usage of Paytm FASTags for toll payments, providing clarity to customers amidst ongoing changes in the banking landscape.

The RBI stated that customers can continue to utilize their existing FASTags, linked to their Paytm Payments Bank accounts, to pay tolls as long as there is a sufficient balance available. However, after March 15, 2024, no further funding or top-ups will be allowed for FASTags issued by Paytm Payments Bank.

To ensure uninterrupted toll payments, the RBI recommended that customers procure a new FASTag from one of the 32 authorized banks listed, which include Airtel Payments Bank, HDFC Bank, ICICI Bank, State Bank of India, and more. Among the authorized banks are Union Bank of India, Thrissur District Cooperative Bank, South Indian Bank, and Kotak Mahindra Bank, among others.

The Indian Highways Management Company Ltd (IHMCL), the toll collection arm of the National Highways Authority of India (NHAI), has advised highway users to complete the ‘Know Your Customer’ (KYC) process for their FASTags as per RBI guidelines.