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Paytm Bank issues 1cr FASTags

Paytm Payments Bank Limited (PPBL) has announced that it has achieved the milestone of issuing one crore FASTags.

Paytm Q3 results: Revenue up by 89% to Rs 1,456cr, losses reducing while financial services ramps up rapidly
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Paytm Q3 results: Revenue up by 89% to Rs 1,456cr, losses reducing while financial services ramps up rapidly

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Paytm Payments Bank Limited (PPBL) has announced that it has achieved the milestone of issuing one crore FASTags. This is almost 30 per cent of the total FASTags issued by 32 banks in the country. In the last six months alone, PPBL has equipped over 40 lakh commercial and private vehicles with FASTags.

To avoid the long queues, the bank has enabled 280 toll plazas across the National and State highways to collect toll charges digitally and also is working closely with NHAI for testing and implementing multi-lane free-flow movement using automatic number plate recognition technology.

To make customers' travel easy, the bank has also set up an efficient customer dispute redressal mechanism, which identifies incorrect deductions and immediately raises claims to reverse the extra charges. The meticulous dispute management process thoroughly audits all customer complaints, associated toll transactions and issues raised by the toll plazas to expeditiously resolve all customer complaints.

Satish Gupta, MD, CEO, Paytm Payments Bank Ltd said: "It is overwhelming to lead the adoption of digital toll payments in India by offering a seamless and hassle-free FASTag service to both our users and toll operators. The innovations that we have made in technology and the deep trust in our bank has helped us become the top issuer and the largest acquiring bank under the National Electronic Toll Collection (NETC) programme."

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