A senior government official announced on Wednesday (January 31) that the Indian Highway Management Company Limited (IHMCL), a division of the National Highways Authority of India (NHAI), will extend the deadline for Know Your Customer (KYC) compliance for FASTags by one month.
The NHAI announced earlier on January 15 that banks will deactivate FASTags with valid balances but incomplete KYC after January 31, 2024.
Out of 1.27 crore multiple FASTags, only 7 lakh have been closed, according to an NHAI official. As a result, they are moving forward with an additional one-month deadline extension.
“One Vehicle, One FASTag” is an initiative launched by the NHAI to ensure seamless travel through toll plazas and boost the effectiveness of the electronic toll collection system.
The NHAI had stated earlier this month that the purpose of this initiative is to discourage the use of a single FASTag for multiple vehicles or the linking of multiple FASTags to a single vehicle.
According to the agency, it encourages FASTag users to finish their most recent FASTag’s “Know Your Customer” (KYC) process by updating their information and making sure they are in compliance with RBI regulations.
With a 98% penetration rate and more than 8 crore users, FASTag completely changed the nation’s electronic toll collection system.