Paytm Fastags: Paytm Payments Bank has reportedly been left out of a list of authorised banks recommended by India’s road toll authority for buying Fastags.
The Indian Highways Management Company, according to an ET report, has advised highway users to buy Fastags from a list of 32 authorised banks which does not have Paytm Payments Bank.
This means nearly 20 million Paytm Fastags users will have to get new RFID (radio frequency identification) stickers.
The banks authorised for 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, and Yes Bank.
Read More: Congress MP Dhiraj Sahu Revises Income Tax Returns, Pays Tax On Rs 150 Cr From Seized Cash Haul
Read More: ED registers case against Paytm Payments Bank under Fema violations
Paytm is potentially fighting for its survival after the central bank ordered halting much of its business activities, according to a recent note by the Macquarie Group. After the recent RBI curbs, “Paytm faces a serious risk of customer exodus which significantly jeopardises its monetization and business model,” Macquarie analysts Suresh Ganapathy and Punit Bahlani, wrote in the note.
Paytm has lost about Rs 27,000 crore, or 57% of its value, in the last 11 days after the RBI issued a ban on the payments bank which also houses Paytm wallet.
