Tuesday, April 16, 2024

Users of Paytm FASTag can obtain FASTags from 32 banks says Road Tolling Authority

This news will be helpful to you if your car has the Paytm FASTag installed as well. The Road Tolling Authority has sent out a warning to Paytm Fastag subscribers. Drivers using the highway are encouraged by the authority to get their FASTag from a bank that has been approved. In addition, new RFID tags are required for almost two crore Paytm Fastag subscribers. In light of this, the Road Tolling Authority has published a list of 32 approved banks, none of which include Paytm Payments Bank. As a result of the Reserve Bank of India’s (RBI) move on January 31, Paytm Bank is not permitted to offer services starting on January 1.

FASTag Fastag will stop operating on February 29.

The car owners’ FASTags that are linked to Paytm Bank will no longer be functioning after February 29 due to the actions taken by the RBI. The Road Tolling Authority has released advice in this case to help users avoid any issues. In this regard, the National Highway Authority of India’s (NHAI) official handle, IHMCL, the electronic tolling branch, has provided the list of approved banks. There is no mention of Paytm Bank on this list. This contains the names of thirty-two banks, including UCO Bank, Axis Bank, SBI, HDFC Bank, and ICICI Bank.


Additionally prohibited, according to EPFO claims

 The Employees Provident Fund Organisation (EPFO) recently decided to stop accepting deposits and credits for EFP accounts that are connected to Paytm Payments Bank. Additionally, EPFO made this decision in response to the RBI’s action against Paytm Bank. For its more than 6 crore members, EPFO had issued advice. All field offices were instructed not to accept claims about Paytm Payment Bank Limited (PPBL) accounts in the circular released by EPFO.


However, in response to the RBI’s

move from the previous day, the ED questioned senior Paytm staff and gathered a large number of documents. Before opting to launch a formal probe into the discrepancies observed by the RBI in the fintech startup, the central agency is reportedly performing a preliminary review of the papers under FEMA. According to sources, following the submission of certain documents, Paytm representatives were questioned. Further information about this has also been looked for. He stated that no anomalies have been discovered as of now. If any violations are discovered, only then will a FEMA case be filed.

Read More: CTET January 2024 results announced! do this work to see the result

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