In the era of swift technological advancements, paying toll taxes has become a breeze with FASTag. However, for FASTag users, a crucial deadline is approaching.
It is imperative to complete the Know Your Customer (KYC) process by January 31, 2024, to avoid severe penalties and potential disruptions.
RBI Directs Banks: Strict Instructions on KYC Compliance
The Reserve Bank of India (RBI) has issued explicit instructions to banks regarding FASTag KYC compliance.
Users are required to surrender their existing FASTags during the KYC process, and only the latest FASTag accounts will remain active post the January 31 deadline.
Failure to comply may result in the blacklisting of previous FASTag accounts, leading to difficulties in toll tax payments.
Blacklisting Reasons Unveiled: NHAI Report Highlights Violations
A recent report by the National Highways Authority of India (NHAI) has shed light on the reasons behind blacklisting FASTags.
➡️NHAI Takes ‘One Vehicle One FASTag’ Initiative to Enhance National Highway Experience 📷#FASTags with incomplete #KYC to get deactivated/blacklisted by banks post 31st January 2024 pic.twitter.com/6pe86zSISy
— FASTagOfficial (@fastagofficial) January 15, 2024
Violations include the issuance of multiple FASTags for the same vehicle and the distribution of FASTags without completing mandatory KYC processes, both of which contravene RBI rules.
NHAI emphasizes the need for the “One Vehicle One FASTag” campaign to enhance the toll plaza experience and alleviate issues faced by users on highways and expressways.
Transformation in Toll Collection: 98% Tolls Embrace FASTag
FASTag has revolutionized toll collection, being employed on approximately 98% of toll booths nationwide.
With over 8 crore FASTag users across the country, this electronic toll collection system has significantly streamlined the process, making driving on national highways a smoother experience.
Act promptly to ensure your FASTag account remains active, and stay tuned for further updates on this critical development in electronic toll collection.
