Paytm Payments Bank has been excluded from the list of authorised banks recommended by India's road toll authority for purchasing Fastags.The Indian Highways Management Company has advised highway users to procure Fastags from a specified list of 32 authorised banks, which notably does not include 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.
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