New Delhi4 minutes ago
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On Thursday (22 August), the Reserve Bank of India has included Fastag and National Common Mobility Card (NCMC) in the e-mandate framework. Under this, as soon as the amount in these two payment instruments falls below the prescribed limit, money will be deducted from the customer’s account and added to it. For this, the user will not have to deposit money himself again and again.
RBI said in a press release that there is no fixed time limit for payment under Fastag and NCMC. There may be a need to make payment at any time, in such a case, money will be credited to the account without any fixed time limit.
It will not be necessary to give notification of pre-debit
For this, it will not be necessary to give pre-debit notification to the user. Under this, all the other rules and guidelines of the e-mandate framework will remain the same. Earlier, the user had to send a pre-debit notification at least 24 hours in advance to debit money from his account. RBI had also announced the inclusion of recurring payments for Fastag and NCMC under the e-mandate framework in the Monetary Policy meeting on 7 June 2024.
Notification had to be sent 24 hours in advance
RBI said that the trend of payment instruments like Fastag and NCMC is increasing continuously in the country. Earlier, if the money in Fastag and NCMC wallet was low, then there was a problem in making payment. Users had to pay online from their account, but now there will be no need for this. Users will be able to decide the amount for such payment instruments in advance.
What is Fastag?
Fastag is a type of tag or sticker. It is attached to the windscreen of the vehicle. Fastag works on Radio Frequency Identification or RFID technology. Through this technology, the cameras installed at the toll plaza scan the bar code of the sticker and the toll fee is automatically deducted from the Fastag wallet.
By using Fastag, the driver does not have to stop to pay the toll tax. It is used to reduce the time spent at the toll plaza and make the journey smooth.
These figures are till May 2023.
You can buy Fastag from banks and online platforms
You can buy Fastag from any toll plaza in the country. Apart from this, you can also buy it from branches of Axis Bank, ICICI Bank, HDFC Bank, SBI, Kotak Bank. You can also buy it from online platforms like Paytm, Amazon, Google Pay. You can also make payment by linking the Fastag account to this app.
If you want, you can link your bank account to this app. With this, whenever you pass through a toll plaza, the toll tax will be deducted from your account. While purchasing Fastag, you must have ID proof and vehicle registration document.
Fastag sticker is valid for 5 years
Once purchased, the Fastag sticker is valid for 5 years. That means after 5 years you have to replace the sticker or extend its validity.
