New Delhi: State Bank of India has introduced a new FASTag design that aims to address the misuse of smaller vehicle tags on larger vehicles to avoid higher toll charges. This updated FASTag is specifically designed for Class 4 (VC-04) vehicles, which covers cars, jeeps and vans, the Economic Times reported. The new tag is available from August 30, 2024.
Why was the new FASTag design introduced?
The new FASTag design was introduced to address the issue of incorrect tags being used on higher-class vehicles such as trucks. Misuse of VC-04 tags on these larger vehicles has been causing financial losses to toll plazas, the Economic Times reported, citing SBI. The updated design aims to make it easier to identify vehicle classes, allowing toll staff to quickly address any misclassification and prevent revenue loss, the report said.
On August 30, 2024, SBI introduced several new products. Among them is India’s first MTS card, the MTS RuPay NCMC Prepaid Card. This card offers a convenient offline payment option for various transport services including metro trains, buses, ferries, tolls, and parking.
SBI also launched the OneView mobile app, which enables customers to easily manage their NCMC prepaid cards, including recharging, tracking and monitoring their usage, all from a single platform.
“The nation’s first MTS card, issued without the need for KYC verification, along with the OneView app streamlines card management, making it easier for users to recharge without visiting metro or bus counters,” said Mahesh Kumar Sharma, Deputy General Manager, Transaction Banking & New Initiatives, SBI.
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