Changes to FASTags: Replacement and Re-KYC Updates
Changes to FASTags: Replacement and Re-KYC Updates
FASTags issued over five years ago are set to be replaced by the Issuer on a best-effort basis. This move is part of a broader initiative to ensure compliance with the National Payments Corporation of India (NPCI) mandates.
A look at new FASTag rules
1) Replacement of 5-Year-Old FASTags: FASTags older than five years must be replaced.
2) KYC Update for 3-Year-Old FASTags: KYC must be updated for FASTags issued 3 years ago.
3) Linking Vehicle Details: Vehicle registration number and chassis number must be linked with the FASTag
4) New Vehicle Registration Update: Update the registration number within 90 days of purchasing a new vehicle.
5) Database Verification: FASTag providers must verify their databases.
6) Photo Upload Requirement: Upload clear photos of the car’s front and side.
7) Mobile Number Linking: FASTag must be linked to a mobile number
Re-KYC Requirements:
A new rule requires that the Know Your Customer (KYC) process be updated every three years. Companies must adhere to this mandate by updating KYC information for FASTags that are three to five years old and replacing those older than five years.
Paytm’s New FASTag Recharge Feature:
In response to regulatory challenges faced by Paytm Payments Bank Limited (PPBL), Paytm has launched a new feature on its app allowing users to recharge their FASTags directly. This update is designed to streamline the process and avoid long queues or delays at toll plazas.
Regulatory Scrutiny Impact:
Despite restrictions imposed on PPBL by the Reserve Bank of India (RBI) due to regulatory concerns, Paytm assures that all other services on its app, including UPI transactions, QR code payments, Soundbox and Card Machine payments, remain unaffected and operational.
This update is part of ongoing efforts to improve the efficiency and security of toll payments and FASTag management.
