Fastag is an important document for those traveling by road.
Fastag KYC Deadline Update: FASTags have become an important part of people’s lives. They allow travelers on road trips to pay toll digitally and avoid the hassle of withdrawing cash. But the National Highways Authority of India (NHAI) recently launched the ‘One Vehicle, One Fastag’ initiative, asking users to fulfill Know Your Customer (KYC) norms. If they forget to get it done, their FASTags will be deactivated. The Highway Authority had kept the deadline as February 29, but now news agency PTI has reported that the last date may be extended.
An NHAI official told PTI that the authority may give more time to users “in view of the Paytm crisis”.
The compliance deadline may be extended till the end of March. However, no official confirmation has come from NHAI.
FASTag is an electronic toll collection system in India, operated by NHAI. It uses Radio Frequency Identification (RFID) technology to make toll payments directly from the prepaid or savings account linked to the toll owner.
Many banks and wallet services like Paytm offer FASTags on their platforms, which are linked to users’ bank accounts.
On January 31, the Reserve Bank of India (RBI) directed Paytm Payments Bank to stop on-boarding new customers from February 29. The central bank later extended the deadline by 15 days to March 15. It also clarified that customers using @paytm UPI handle can be transferred to banks after approval from National Payments Corporation of India or NPCI.
Paytm contacted its customers and informed them that the business will remain operational. The company on Monday said Vijay Shekhar Sharma will step down as non-executive chairman and board member of its payments bank unit as part of the overhauling process.
Meanwhile, Japan’s SoftBank Group sold 2.17 percent stake in Paytm, an exchange filing showed on Thursday.
