NHAI Revamps FASTag Issuer List, Excludes Paytm Payments Bank: A Comprehensive Overview of Authorized Banks

The National Highway Authority of India (NHAI) has recently updated its list of authorized entities for the issuance of FASTags. These electronic tags are vital for the seamless collection of tolls on national highways without stopping vehicles. In a significant shuffle, NHAI has removed Paytm Payments Bank from its list of approved FASTag issuers. The updated list now includes a mix of banks and non-banking financial companies (NBFCs), ensuring a broad network of institutions for vehicle owners to obtain their FASTags.

Authorized Banks for FASTag Issuance

The revised list according to NHAI standards includes several prominent banks. First Bank FRBA, headquartered in Hamilton, New Jersey, offers various banking products and caters to individuals, businesses, and government entities. Another key player in the FASTag issuance is ICICI Bank Limited IBN, offering an expanse of banking products and financial services both domestically in India and internationally, with its headquarters in Mumbai, India. HDFC Bank Limited HDB, also situated in Mumbai, extends a plethora of banking and financial services across India, Bahrain, Hong Kong, and Dubai. However, the list of authorized FASTag issuers goes beyond these entities and includes various other banks striving to facilitate effortless toll payments for their customers.

Impact on Electronic Toll Collection

The revision of the list of authorized FASTag issuers is pivotal for the electronic toll collection system. FASTags contribute to a streamlined toll payment process that negates the need for cash transactions and reduces congestion at toll plazas. This efficient system is part of India's ongoing efforts to embrace digital solutions in infrastructure, thereby enhancing the overall experience for commuters and transporters alike. The inclusion and exclusion of banks from the NHAI's list ensure that only capable and reliable institutions handle the crucial task of issuing and managing FASTags.

NHAI, FASTag, Banks