After RBI, Paytm Suffers Big Blow From NHAI!

When demonetisation was imposed in the country a few platforms seized the opportunity to grow. With no cash in hand, online transactions increased. Paytm shot to super prominence with this. Even the street vendors used the QR codes to get the payments. Paytm also played a key role in taking the online transactions to the public.

However, Paytm has been facing back-to-back shocks. Recently the RBi said that Paytm Payments Bank cannot accept deposits or top-ups in any customer account. This created a lot of doubts in the minds of customers. As if that is not enough the platform faced another hammer blow.

After the RBi it is the turn of the National Highway Authority of India (NHAI) to shock Paytm. The body said that Paytm Payments Bank is no longer on the list of 32 banks which are authorised for the FASTag service.

Paytm is one of the most used platforms by commuters to pay the Fastags charges. As the Paytm Payments Bank was delinked the users would be affected. It is said that there are 20 million Paytm Fastags users. With the new decision, the users would be affected. They will now have to get new ID stickers.

The new decision comes in the wake of RBI’s strict orders. The RBI said that no money transfer or top-up will be supported on the Paytm Payments Bank accounts after the 15th of March. No deposits would be allowed on the platform after the deadline. However, the money in the accounts can be used even after the deadline.

On the other hand, Paytm had shifted its nodal account to Axis Bank in the wake of restrictions on Paytm Payments Bank Ltd. To have seamless merchant settlements Paytm took this step.