FASTags

National highway awarding activity slowed in H1 amidst weather and elections

Under new rules, private vehicles with GNSS can travel up to 20 km daily for free on select highways; a fee will be applied beyond 20 km

Exempts these card issuers from issuing a pre-debit notification

The National Payments Corporation of India (NPCI) has announced new rules with a key update being the compulsory FASTag KYC needs. The KYC procedure begins on August 1

IMPS down by 7%, FASTag 4%; but Aadhaar Enabled Payment System (AePS) see a 11% jump in volume & 7% in value

Auto replenishment facility for Fastags, NCMCs, UPI Lite wallets

The year also saw a record value of Rs 199.89 trillion, compared to Rs 139.1 trillion. In February 2024, transactions stood at 12.10 billion and Rs 18.28 trillion, respectively

After the RBI's ban on PPBL from onboarding new clients and its wallet services, customers have complained of issues in closing their PPBL-linked FASTag accounts

According to the FAQs, no further funding or top-ups will be allowed in the FASTags issued by Paytm Payments Bank after March 15

In the recently released FAQs, the RBI suggested users procure a new FASTag issued by a bank other than Paytm Payments Bank before March 15

It can break barriers to information accessibility, says Google V-P Sanjay Gupta

According to industry sources, Airtel Payments Bank has placed 5x to 7x more orders for FASTags than they would place in a normal order

Indian Highways Management Company Ltd (IHMCL), toll collecting arm of state-owned NHAI, has advised highway users to buy FASTags from 32 authorised banks sans Paytm Payments Bank for hassle-free travel. In a post on X, IHMCL said for hassle-free travel, buy your FASTag from 32 authorised banks. The 32 authorised banks include Airtel Payments Bank, Allahabad Bank, Bank of Baroda, HDFC Bank, ICICI Bank, IDBI Bank, Punjab National Bank, State Bank of India, and Yes Bank, among others. On January 31, the Reserve Bank directed Paytm Payments Bank (PPBL) to stop accepting deposits or top-ups in any customer accounts, wallets, FASTTags and other instruments after February 29. However, any interest, cashbacks, or refunds may be credited back to customers anytime. The direction followed persistent non-compliances and continued material supervisory concerns, the central bank had said in a statement. IHMCL has said it is encouraging FASTag users to complete the 'Know Your Customer' (KYC) .

Nitin Gadkari said that it has been decided to initially implement the GNSS-based Electronic Toll Collection (ETC) System at selected sections of National Highways

Regulator told Paytm Payments Bank last week to stop accepting new deposits in its accounts and digital wallets from March 1

FASTag KYC online: For those customers who fail to complete the KYC today, their FASTags will become inoperative

After January 31, 2024, according to NHAI, banks will deactivate or blacklist all FASTags with incomplete KYC updates. FASTag accounts that are not updated will be deactivated or blacklisted

FASTag, operated by the NHAI, is an electronic toll collection system in India that uses Radio Frequency Identification technology for making toll payments