Do You Use FASTag? Complete KYC Before October 31 Under New Rules
Pune, 31st July 2024: From August 1, significant changes to the FASTag regulations will come into effect, impacting all users. The National Payments Corporation of India (NPCI) has issued new guidelines that require users to complete their Know Your Customer (KYC) process for FASTags, particularly those issued five and three years ago. The KYC process must be completed by October 31, and it is mandatory to replace FASTags older than five years. These changes aim to streamline toll collection and reduce congestion at toll plazas.
NPCI’s new rules mandate that companies providing FASTag services initiate the KYC process starting August 1. Users need to ensure their FASTag is linked with their vehicle registration number and chassis number. For new vehicles, the registration number must be updated within 90 days. Companies must also verify their databases and upload clear photographs of the vehicle from both the side and the front. Additionally, the FASTag must be linked to a mobile number for efficient communication and updates.
The deadline for completing the KYC process is October 31. Failure to comply with these guidelines could result in the deactivation of the FASTag, causing inconvenience to the users. This move by NPCI is intended to enhance security, reduce fraud, and ensure that the toll collection system remains efficient and effective.
The introduction of FASTag was primarily to ease traffic at toll plazas by enabling electronic toll collection, thus saving time and fuel for commuters. With these new regulations, the NPCI aims to further improve the system by ensuring that all FASTags are up-to-date and properly verified. Users are urged to complete their KYC process promptly to avoid any disruptions in their travel plans and to benefit from a seamless toll collection experience.
