FASTags with incomplete KYC to be deactivated post-January 31
What's the story
The National Highways Authority of India (NHAI) has announced that banks will deactivate FASTags with valid balances but incomplete 'Know Your Customer' (KYC) after January 31, 2024.
This move follows reports of multiple FASTags for single vehicles, and FASTags without KYC being issued, violating RBI regulations.
To avoid disruptions, NHAI encourages customers to complete the KYC procedure for their most recent FASTag according to RBI rules.
Details
One vehicle, one FASTag policy
To enhance the electronic toll collection system's efficiency and ensure smooth movement at toll plazas, NHAI initiated the 'One Vehicle, One FASTag' campaign.
An NHAI statement explains, "Only the latest FASTag account shall remain active as previous tags will be deactivated/blacklisted after 31st January 2024."
Users must return all previously issued FASTags to their respective banks and comply with this policy.
For help, users should reach out to the nearest toll plazas or their issuer banks' toll-free customer care numbers.
What Next?
Impact on toll operations and penetration rate
FASTags were designed to enable automatic toll collection, minimize waiting time at toll booths, and increase transparency.
With over eight crore users, NHAI reports a 98% penetration rate. However, some users intentionally avoid attaching FASTags to their vehicle's windscreen, leading to unnecessary delays and inconvenience for fellow national highway travelers.
The 'One Vehicle, One FASTag' initiative aims to tackle these issues and further enhance toll operations across India.
Cost
Charges for joining FASTag
Depending on the type of vehicle, there are different charges for joining the FASTag program.
For personal cars, no fee has to be paid, but a FASTag wallet balance of Rs. 250 has to be maintained always.
However, for commercial vehicles including buses, trucks, and tractors, there's a fee of Rs. 100. Out of this, Rs. 99 is a refundable deposit, while Rs. 1 serves as the wallet balance.