Post February 29, 2024, your FASTags might be blacklisted, whereas these issued through PayTM will be unable to top-up on stability
The main technique of creating toll funds, the FASTag, has been within the information these days as a result of main developments on two fronts. First is that the National Highway Authority of India (NHAI) put a deadline of getting the whole KYC performed to your FASTag, and the second includes FASTags issued by PayTM following a choice from the Reserve Bank of India (RBI), asking the monetary tech platform to close down its funds financial institution. We have summed up what you’ll want to know concerning the points, and what you’ll want to do.
NHAI Pushes For Full KYC With FASTag
The NHAI just lately introduced an initiative referred to as “One Vehicle, One FASTag” in an effort to optimise toll assortment and minimise delays. As a part of the push, NHAI has directed automobile homeowners to finish the KYCs for his or her FASTags in accordance with RBI tips. The authentic deadline was January 31 however has now been pushed to February 29.
Why now?
One of causes behind that is that NHAI noticed quite a few situations the place one automobile was issued a number of FASTags and instances the place a single FASTag was being utilized by a number of autos. Once KYC has been accomplished, every automobile will solely have one legitimate FASTag registered to it.
What if I don’t full FASTag KYC?
If the KYC remains to be not accomplished earlier than the deadline, the FASTag of your automobile might be deactivated, even when it nonetheless has some stability left. Also, when you have a number of FASTags registered to your automobile with legitimate KYC, solely essentially the most just lately bought one will stay lively, and the others might be blacklisted.
Also Read: Bharat Mobility Expo To Be Held Annually–Could It Replace The Auto Expo?
For homeowners, the most effective factor to do proper now’s to get the KYC performed for his or her FASTag, which might be performed each on-line and offline, and use just one FASTag transferring ahead. You can verify the KYC standing of your FASTag both by logging in to the official website, or verify the associated financial institution web site that issued your specific FASTag.
Paytm Payments Bank FASTag Crisis
Recently, the Reserve Bank of India (RBI) has requested Paytm to close down its funds financial institution as a result of irregularities, and to cease accepting recent deposits in present accounts and wallets submit February 29, which incorporates FASTags issued by PayTM. Since FASTags grew to become necessary for making toll funds with out penalties, PayTM is among the hottest providers issuing the RFID tag and so this newest improvement may cause points for numerous individuals.
Until the top of February 2024, customers can nonetheless prime up their PayTM FASTags and might nonetheless use them after the deadline. But as soon as the stability runs out, you will be unable to recharge the PayTM FASTag and subsequently not use it to make funds at tolls.
While CEOs of a number of startups are urging RBI to take again their ruling, we nonetheless don’t know if RBI will take it again anytime quickly. To be on the safer aspect, and keep away from issues within the close to future, we advocate you get a brand new FASTag from one other supplier, like a financial institution, and full your KYC for a similar.
We might be looking out for another developments concerning FASTags within the coming days, so keep tuned to CarDekho for the most recent updates.