FASTag KYC Deadline Could Be Extended Beyond February 29: Report
FASTag is an important document for those who take road journeys.
FASTag KYC Deadline Update: FASTags have become an important part of people’s lives. They allow commuters going on a road journey to pay the toll digitally and avoid the hassle of taking out cash. But National Highways Authority of India (NHAI) recently launched the ‘One Vehicle, One FASTag’ initiative, asking users to get the Know Your Customer (KYC) regulations done. If they forget to get it done, their FASTags will be deactivated. The highways authority kept the deadline as February 29, but now, news agency PTI has reported that the last day might be extended.
An NHAI official told PTI that the authority could give users more time “in view of the Paytm crisis”.
The compliance deadline could be extended to March-end. However, no official confirmation has come from NHAI.
FASTag is an electronic toll collection system in India, operated by the NHAI. It employs Radio Frequency Identification (RFID) technology for making toll payments directly from the prepaid or savings account linked to it or directly toll owner.
Several banks and wallet services like Paytm offer FASTags on their platforms, which is 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 15n days – till March 15. It also clarified that customers using @paytm UPI handles can be migrated to banks post approval from National Payments Corporation of India or NPCI.
Paytm reached out to its customers, informing them that the business will remain afloat. The company said on Monday that Vijay Shekhar Sharma would step down as non-executive chairman and board member of its payments bank’s unit, as part of the overhauling process.
Meanwhile, Japan’s SoftBank Group sold a stake of 2.17 per cent in Paytm, an exchange filing showed on Thursday.
