India News | NHAI to Extend KYC Compliance Deadline for FASTags by One Month

New Delhi, Jan 31 (PTI) Indian Highways Management Company, an arm of state-owned NHAI, will extend the KYC compliance deadline for FASTags by one month, a senior government official said on Wednesday.

Earlier on January 15, the National Highways Authority of India (NHAI) said FASTags with valid balances but incomplete KYC will get deactivated by banks post-January 31, 2024.

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"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.

To enhance the efficiency of the electronic toll collection system and provide seamless movement at toll plazas, it has taken the 'One Vehicle, One FASTag' initiative that 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.

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The state-owned agency also said 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.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)