One Vehicle, One FASTag deadline ends! What it means for you?
If a vehicle owner has two separate FASTags for one vehicle, then, the one he had taken earlier will be trashed automatically and it will not work at toll plazas from April 1, 2024
The state-owned National Highways Authority of India’s ‘One Vehicle, One FASTag’ norm, has come into force from Monday, April 1, 2024. According to the NPCI, the government organisation which is in charge of operating retail payments in India, if a vehicle owner has two separate FASTags for one vehicle, then, the one he had taken earlier will be trashed automatically and it will not work at toll plazas from April 1, 2024. Only the latest one issued against the vehicle will remain valid. The vehicle owner will be able to use only the latest FASTag issued against the vehicle. Plus, according to NPCI, if the FASTag owner has not submitted KYC details with the bank with which the FASTag is linked, then also, the FASTag will be quashed. So, tags need to be KYC compliant.
Vehicle owners will have to comply with both these requirements the deadlines for which was March 31, 2024.
What is One Vehicle One FASTag?
One Vehicle One FASTag is an initiative taken by the NPCI to encourage vehicle owners to have only one FASTag for one vehicle. The One Vehicle One FASTag initiative means vehicle owner cannot have more than one FASTag for one automobile.
How do you update KYC details?
1. The vehicle owner can approach the branch of the bank which has issued the FASTag to update KYC details.
2. The owner can also go on the website of the bank, log in, go on FASTag portal and update details thereon.
3. The owner can also go on website of IHMCL (Indian Highways Management Company Limited): https://ihmcl.co.in/.
Documents required for FASTag KYC update:
Any of the following KYC documents are required:
a. Passport
b. Aadhaar Card
c. PAN Card
d. Voted ID
e. Driving Licence
More and more people are using FASTag in the country. The electronic toll collection system has reached a penetration level of 98 per cent with over eight crore users. According to the NPCI, in March 2024, there were total of 339 million transaction counts of FASTag across the nation, up 11 per cent year-on-year (YoY). While, value of these transactions was up 17 per cent YoY to Rs 5,939 crore in March 2024.