Paytm Payments Bank Barred from Issuing Fresh FASTags

Paytm Payments Bank Barred from Issuing Fresh FASTags

Paytm Payments Bank has been barred from issuing fresh FASTags owing to instances of regulatory non-compliance discovered by NHAI arm Indian Highways Management Company (IHMC), the TOI reported. Paytm was found to be in non-compliance with service level agreement parameters during an agency audit, according to the report.

Paytm Payments Bank has been banned from taking new toll plazas. The National Electronic Toll Collection is the overarching body for toll plazas in India. IHMC has issued a show-cause notice to Paytm Payments Bank asking why it should not take penal action against the fintech.