NHAI Unit Examines Paytm Regarding FASTags
The Indian Highways Management Company Ltd (IHMCL), operating under the National Highways Authority of India (NHAI), is currently assessing responses from Paytm Payments Bank regarding its adherence to customer verification norms in the issuance of FASTags. This scrutiny follows IHMCL's January 19, 2024, directive, which prohibited Paytm Payments Bank from issuing new FASTags and taking up additional toll plazas due to reported non-compliance with mandatory know your customer (KYC) norms.
IHMCL's investigation revealed concerns, including Paytm Payments Bank's failure to update vehicle chassis and registration numbers, leading to the issuance of multiple FASTags for the same vehicle. Despite Paytm Payments Bank's defense, asserting compliance with all norms, auditors are meticulously reviewing the responses. The government will determine the subsequent course of action based on this scrutiny, as mentioned by an insider.
A spokesperson from Paytm Payments Bank countered the allegations, stating that IHMCL has expressed satisfaction with the progress made on observations from the FASTag services audit report. The spokesperson affirmed Paytm's significant market share in FASTag services, emphasizing active collaboration with NHAI to address concerns. Paytm remains optimistic that the daily commute experience for millions of FASTag users will not be adversely affected.