For Paytm FASTag 2 crore around users, here’s a crucial piece of news. Road tolling authorities have advised travelers on highways to purchase FASTags from authorized banks, excluding Paytm Payments Bank, and have listed 32 other banks for this purpose.
🏦 Changes in FASTag Services
The Reserve Bank of India (RBI) has halted Paytm Payments Bank’s services from next month onwards. Consequently, Paytm FASTags will become inactive after February 29. NHAI’s electronic tolling division, IHMCL, has shared a list of authorized banks on its official handle, excluding Paytm Payments Bank and including HDFC Bank, ICICI Bank, SBI, Axis Bank, and Yes Bank among 32 others.
🕵️ ED’s Inquiry into Paytm
Following recent actions by the RBI, the Enforcement Directorate (ED) has initiated an inquiry into senior officials of Paytm Payments Bank and submitted several documents. Sources reveal that the ED is conducting a preliminary examination of the documents before deciding to launch a formal investigation.
đź’ł Daily Transactions on Paytm App
It’s worth noting that Paytm processes nearly two crores worth of digital transactions through its app every day.
🔍 Scrutiny under FEMA and PMLA
The scrutiny of Paytm’s operations under the Foreign Exchange Management Act (FEMA) and the Prevention of Money Laundering Act (PMLA) has been ongoing for some time. One97 Communications informed the stock market on Wednesday that it has received notices from regulatory bodies and investigation agencies to provide information about its customers.