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Paytm Payments Bank left out of list of 32 authorised banks to buy FASTags
The Indian Highways Management Company (IHMC) has informed highway users to buy their FASTags from a list of 32 authorised banks, not including Paytm Payments Bank.
It has been stated that several players such as PhonePe, Google Pay, and banks such as HDFC Bank and State Bank of India (SBI) are deploying several thousand salesforce to attract merchants which include kirana stores and retailers. (Image source: Moneycontrol Hindi)
Paytm Payments bank has been left out of a list of authorised banks recommended by India’s road toll authority for buying FASTags, as per reports.
The Indian Highways Management Company (IHMC) has informed highway users to buy their FASTags from a list of 32 authorised banks, not including Paytm Payments Bank.
For Paytm FASTag users, this means that they will have to get new radio frequency identification (RFID) stickers.
The lost of authorised banks include Airtel Payments Bank,Allahabad Bank, AU Small Finance Bank, Axis Bank, Bank of Baroda, Bank of Maharashtra, Canara Bank, Central Bank of India, City Union Bank, Cosmos Bank, Equitas Small Finance Bank, Federal Bank, FINO Payments Bank, HDFC Bank, ICICI Bank, IDBI Bank, IDFC First Bank, Indian Bank, IndusInd Bank, J&K Bank, Karnataka Bank, Karur Vysya Bank, Kotak Mahindra Bank, Nagpur Nagarik Sahakari Bank, Punjab National Bank, Saraswat Bank, South Indian Bank, State Bank of India, Thrissur District Cooperative Bank, UCO Bank, Union Bank of India, and Yes Bank.
Earlier, fintech firm One97 Communications, which owns Paytm, had received support from merchants, and the company assured them of continuity of services without any disruption, Paytm said in a blog.
The blog post came amid the recent crisis around Paytm Payments Bank Limited (PPBL), which has been barred by the RBI from accepting deposits or top-ups in customer accounts, wallets, FASTags and other instruments after February 29.
"We assure our users and merchant partners that the Paytm app and services continue to operate at full capacity. In instances, where our associate Paytm Payments Bank acts as a back-end bank, we can seamlessly transition these services to other partner banks. This ensures that our merchant partners face no disruptions, no need to revisit existing setups, and no additional effort," the blog said.
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