Paytm Crisis: To Help With Toll Station Payments, NHAI Is Partnering With Axis, HDFC, ICICI Bank, And Six More Companies.
In Order To Replace Paytm Payments Bank And Enable Payments At The 247 Toll Stations, The National Highways Authority Of India Has Partnered With Nine Banks.
At These Toll Stations, The “Acquirer” Is Paytm Payments Bank, Which Is Overseen By One 97 Communications Ltd. Following The Reserve Bank Of India’s Prohibition On It Accepting Deposits In Its Accounts, Paytm Payments Bank Was Shut Down.
Paytm Payments Bank Manages 247 Toll Plazas, Representing Approximately 14 Per Cent Of The Nation’s Daily National Highway Toll Collection, Averaging Rs 190 Crore. A Report In The Economic Times Said That Indian Highways Management Company Ltd, Under NHAI, Have Selected Axis Bank, HDFC Bank, ICICI Bank, IDBI Bank, IDFC First Bank And Kotak Mahindra Bank To Take Over The Toll Service Business.
A Bank Or Other Financial Organization That Accepts Payments (Fastag) At Toll Plazas On Behalf Of The Issuing Bank And Forwards Them To The Issuing Bank Via Payment Networks Is Known As An Acquirer. A Program Administration Charge, Equivalent To 0.13% Of The Daily Toll Collection At The Toll Stations, Is Paid By NHAI To The Acquirer Bank.
Of The 247 Toll Plazas Where Paytm Is The Acquirer Bank, 65 Are Situated On Highway Segments Run By Private Concessionaires Under The Build Operate Transfer (Bot) Model Or Purchased Through The Toll Operate Transfer (Tot) Mode Of Monetisation. Of These, 56 Are Managed By Different State Agencies, 122 By NHAI.
The Total Toll Collected In FY23 Was Rs 48,028 Crore, And It Is Anticipated To Reach Approximately Rs 53,000 Crore This Year.
In Addition To Serving As An Acquirer Bank, Paytm Issued A Significant Number Of Quick Tags—Roughly 1.8 Crore, Or 30% Of The Total Of 7.98 Crore Tags—During Its Existence.
The National Highway Authority Of India (NHAI) Removed The Name Of Paytm Payments Bank From Its Most Recent List Of 30 Banks That Have Been Approved To Use The Fastag Service On Friday. The Department Said That It Had Chosen To Discontinue The Paytm Payments Bank Because Of Regulatory Proceedings Taken Against The Firm.
Axis Bank, Bank Of Baroda, Bank Of Maharashtra, Canara Bank, Central Bank Of India, City Union Bank, Cosmos Bank, Equitas Small Finance Bank, Federal Bank, And Allahabad Bank Are Among The Banks That Have Been Included To The NHAI’s Updated List.
The List Also Includes The Following Banks: Yes Bank, Karnataka Bank, Karur Vysya Bank, Kotak Mahindra Bank, Nagpur Nagarik Sahakari Bank, Punjab National Bank, Saraswat Bank, State Bank Of India, Thrissur District Cooperative Bank, UCO Bank, Union Bank Of India, And Fino Payments Bank.
Source : By Business Today via Dailyhunt