MoU for sale of FASTag

• An MoU for sale of FASTags through petrol pumps of leading Oil Marketing Companies was signed here today between Indian Highways Management Company Limited MHCL and leading Oil Marketing Companies (OMCs) like BPCL, HPCL and IOCL.

• This will help expand the FASTag program’s distribution network which is presently active at selected bank branches.

About the FASTag program

• This is a bank-neutral FASTag which can be linked to customers’ choice of bank accounts.

• This not only provides flexibility and convenience to the FASTag users, but is also user friendly as there will be no requirement of fulfilling KYC obligations.
• Two FASTag mobile apps were also launched today.

• The My FASTag Customer App has the distinction of real-time recharge of any FASTag through UPI, it links IHMCL FASTag with customer’s bank account and there is no need to install multiple banks applications.

• Wallet services are also proposed in near future.

• In the FASTag Point of Sales App, it is possible to create and manage distribution partners, as also to allow sales via petrol pumps.

Aim of this program

• These measures will eventually help NHAI cater to its commitment of providing a safe, smooth and seamless journey to commuters on National Highways.

• The enhanced adoption of FASTag program will increase user convenience by offering seamless toll-fee payments at Plazas and thus help save time, money and fuel.

• The online payments will improve transparency of toll transactions, reduce revenue leakages, and improve overall efficiency and commercial competitiveness.


Mains Paper 3: Economy | Mobilization of resources, Banking

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