
The Indian Highways Management Company (IHMCL) has advised highway users to purchase FASTags from authorized banks, excluding Paytm Payments Bank. This move comes as Paytm FASTags will become inoperative after February 29, following the Reserve Bank of India’s (RBI) directive to bar Paytm Payments Bank from offering services from next month.
The IHMCL, the electronic tolling arm of the National Highways Authority of India (NHAI), shared a list of 32 authorized banks on its official X (formerly Twitter) handle, urging users to buy FASTags hassle-free from these banks. The government aims to ensure a smooth transition for the estimated 20 million Paytm FASTag users to new RFID stickers provided by authorized banks.

While no banks are currently willing to onboard Paytm FASTag users, the only option for these customers is to cancel their Paytm FASTags and purchase new ones from any of the banks listed by IHMCL. This step is taken to avoid inconvenience for Paytm FASTag users after the cutoff date.
Paytm FASTag users can continue to use their tags to pay tolls until their balance runs out, but they will not be able to recharge them. Paytm Payments Bank has not responded to queries regarding this matter.
The IHMCL had previously barred Paytm Payments Bank from issuing fresh FASTags and taking up new toll plazas due to non-compliance with mandatory know your customer (KYC) norms, as stated in a letter dated January 19, 2024.
FASTags issued by these banks are valid:
Authorized banks for issuing FASTags 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
- Yes Bank
In conclusion, Paytm FASTag users are advised to switch to authorized banks as Paytm Payments Bank has been barred from offering services from February 29. The IHMCL has provided a list of authorized banks where users can purchase new FASTags to ensure a seamless toll payment experience.