State Bank of India (SBI) has introduced a new design for its FASTag, which will reduce travel time of commuters. In a press release issued on August 30, 2024, SBI said, “The Bank has introduced a new design of SBI FASTag for the Vehicle Class (VC-04) category. This advanced design will enhance vehicle identification and toll collection efficiency, saving time for millions of commuters in India.”
Who can use this new SBI FASTag?
According to SBI, this new design has been introduced for Vehicle Class-4 (VC-04), which includes jeeps, vans, cars, etc. The bank said, “The new FASTag design has been launched for Vehicle Class-4 (cars, jeeps, vans), which will enable toll plaza operators to easily identify the issuance of wrong tags. Currently, VC-4 tags are being installed on large vehicles (trucks etc.), causing losses to toll plazas.”
This new FASTag design is available from August 30, 2024.
How will the new design help?
According to SBI, this new design will help toll staff identify the category of vehicles and they will be able to immediately take action against vehicles of the wrong category. As per a report by ET, “This design will help reduce cases of wrongly issued tags and increase the revenue of the government by charging the correct toll fee. It will also help customers develop the habit of buying the correct category of FASTag so that they do not face any problem later.”
New KYC Guidelines for FASTag
The National Payments Corporation of India (NPCI) has implemented new guidelines for FASTag from August 1, 2024, which emphasizes on KYC requirements. The aim of FASTag KYC check is to increase the efficiency of the electronic toll collection system and provide great convenience to the commuters at toll plazas.
From August 1, FASTag service providers will have to update the KYC of all FASTags that were issued 3-5 years ago. This process should be completed by October 31, 2024.
What are KYC updates?
It will be mandatory to replace FASTags older than 5 years. The vehicle’s registration number and chassis number must be linked with the FASTag. The new vehicle owner must update the vehicle’s registration number in the FASTag within 90 days. It has also been made mandatory to link each FASTag to a mobile number so that all communications and updates can be received in a timely manner.
It is important to complete KYC by 31 October 2024, else your FASTag services may be disrupted.