TOLL - Paytm Exit, Banks Enlist.!
The National Highways Authority of india (NHAI) has collaborated with nine banks to replace paytm Payments bank for toll collection at 247 toll plazas across the country. The bank OF INDIA' target='_blank' title='reserve bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW">reserve bank of india (RBI) had imposed a ban on paytm Payments bank from taking deposits after march 15, leading NHAI to make this strategic arrangement. paytm Payments bank previously served as the acquirer bank for these toll plazas.
These banks will function as acquirer banks, responsible for processing payments made through FASTag, with the NHAI receiving a program management fee of 0.13 percent of the daily collection. Among the 247 toll plazas, 122 are operated by NHAI, 56 by state agencies, and 65 by private companies under the Build Operate Transfer (BOT) model. The toll collection figure for the year 2023 was Rs 48,028 crore, expected to reach Rs 53 thousand crores this year.
In addition to its role as an acquirer bank, paytm holds a 30 percent stake in FASTag. NHAI recently removed paytm Payments bank from the FASTag service, updating the list to include other banks such as airtel Payments bank, allahabad bank, AU Small Finance bank, bank of Baroda, bank of Maharashtra, Canara bank, Central bank of india, City Union bank, cosmos bank, Equitas Small Finance bank, and Federal Bank.
These banks will function as acquirer banks, responsible for processing payments made through FASTag, with the NHAI receiving a program management fee of 0.13 percent of the daily collection. Among the 247 toll plazas, 122 are operated by NHAI, 56 by state agencies, and 65 by private companies under the Build Operate Transfer (BOT) model. The toll collection figure for the year 2023 was Rs 48,028 crore, expected to reach Rs 53 thousand crores this year.
In addition to its role as an acquirer bank, paytm holds a 30 percent stake in FASTag. NHAI recently removed paytm Payments bank from the FASTag service, updating the list to include other banks such as airtel Payments bank, allahabad bank, AU Small Finance bank, bank of Baroda, bank of Maharashtra, Canara bank, Central bank of india, City Union bank, cosmos bank, Equitas Small Finance bank, and Federal Bank.