NEW DELHI: Indian Highways Management Company (IHMCL), a subsidiary of the state-owned National Highways Authority of India (NHAI), will extend the deadline for KYC compliance for FASTags by one month, a senior government official said on Wednesday.
Earlier on January 15, the NHAI said FASTags with valid balances but incomplete KYC will get deactivated by banks after January 31, 2024.
“Only 7 lakh multiple FASTags have been closed out of 1.27 crore. Hence, we are proceeding with extending the deadline by another one month,” an official told PTI.
To improve the efficiency of the electronic toll collection system and ensure smooth passage through toll plazas, the NHAI has introduced the “One Vehicle, One FASTag” initiative.
This initiative is designed to discourage the use of single FASTag for multiple vehicles or linking multiple FASTags to a particular vehicle, NHAI had said earlier this month.
The agency said that it encourages FASTag users to complete the ‘Know Your Customer’ (KYC) process of their latest FASTag, by updating KYC and ensuring compliance with RBI guidelines.
FASTag revolutionised the electronic toll collection system in the country by boasting a penetration rate of approximately 98 per cent and over 8 crore users.
FASTag is an electronic toll collection system in India, operated by the NHAI.
Earlier on January 15, the NHAI said FASTags with valid balances but incomplete KYC will get deactivated by banks after January 31, 2024.
“Only 7 lakh multiple FASTags have been closed out of 1.27 crore. Hence, we are proceeding with extending the deadline by another one month,” an official told PTI.
To improve the efficiency of the electronic toll collection system and ensure smooth passage through toll plazas, the NHAI has introduced the “One Vehicle, One FASTag” initiative.
This initiative is designed to discourage the use of single FASTag for multiple vehicles or linking multiple FASTags to a particular vehicle, NHAI had said earlier this month.
The agency said that it encourages FASTag users to complete the ‘Know Your Customer’ (KYC) process of their latest FASTag, by updating KYC and ensuring compliance with RBI guidelines.
FASTag revolutionised the electronic toll collection system in the country by boasting a penetration rate of approximately 98 per cent and over 8 crore users.
FASTag is an electronic toll collection system in India, operated by the NHAI.
