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KYC compliance deadline for FASTags to be extended by one month, says NHAI
Earlier on January 15, the NHAI said FASTags with valid balances but incomplete KYC will get deactivated by banks post-January 31, 2024.
National Highways Authority of India (NHAI) arm Indian Highways Management Company will extend the KYC compliance deadline for FASTags by one month, news agency PTI quoted a senior government official as saying on 31 January.
Earlier on 15 January, the National Highways Authority of India (NHAI) said FASTags with valid balances but incomplete KYC will get deactivated by banks post-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," the official told PTI on the condition of anonymity.
On January 29, NHAI had announced that FASTags with valid balances but with incomplete KYC will get deactivated by banks post-January 31, 2024.
"Only the latest FASTag account shall remain active as previous tags will be deactivated/blacklisted after 31st January 2024," the statement said.
The NHAI taken the 'One Vehicle, One FASTag' initiative to enhance the efficiency of the electronic toll collection system and provide seamless movement at toll plazas.
This aims to discourage the use of single FASTag for multiple vehicles or linking multiple FASTags to a particular vehicle, NHAI had said earlier this month.
Adding more, the NHAI said that it is encouraging FASTag users to complete the 'Know Your Customer' (KYC) process of their latest FASTag by updating KYC as per RBI guidelines.
With a penetration rate of around 98 per cent and over 8 crore users, FASTag has revolutionised the electronic toll collection system in the country.
FASTag is an electronic toll collection system in India, operated by the NHAI. It employs Radio Frequency Identification (RFID) technology for making toll payments directly from the prepaid or savings account linked to it or directly toll owner.
With agency inputs.
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Business NewsEconomyKYC compliance deadline for FASTags to be extended by one month, says NHAI
First Published:31 Jan 2024, 08:39 PM IST
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