SBI’s New FASTag: Who can use it?
SBI has clarified that ET’s Online Wealth that this new FASTag design is being launched for Class 4 vehicles i.e. cars, jeeps, vans etc. The public sector bank mentions, “A new FASTag design has been launched for Class 4 vehicles (cars, jeeps, vans) which will help toll plaza Operators can easily identify incorrect emissions. Currently, VC 4 labels are placed on higher class vehicles (trucks, etc.), resulting in a loss of revenue for toll plazas and dealers. OSE He said that this FASTag is available from August 30, 2024.
How can this new SBI FASTag design help?
According to SBI, this new design of SBI FASTag will enable easy identification of the vehicle class and will help the toll staff to take instant action against the wrong class of vehicle. “Furthermore, it will help the ecosystem in reducing the instances of chargeback due to wrong issuance and will increase the government revenue by recovering the correct toll fee. This new design will be easily identifiable and toll staff will take instant action against the vehicles of the wrong class. It will also create a habit among the customers to buy the right category of FASTag to avoid any hassle,” SBI said.
Other products that SBI also launched on August 30, 2024
In the press release, SBI mentioned that it has launched India’s first MTS card – MTS RuPay NCMC Prepaid Card. “The MTS RuPay NCMC Prepaid Card is designed to offer a seamless and offline payment solution for all NCMC-enabled transit projects including metro trains, buses, ferries, tolls and parking,” SBI said in the press release.
Lastly, another product was also launched – the OneView mobile app. “The OneView mobile app is designed to provide a one-stop solution for management of SBI’s NCMC prepaid cards, making it easier for customers to recharge, track and manage their cards from a single platform,” SBI said in the press release.
Challa Sreenivasulu Setty, Chairman, SBI, said, “The introduction of Nation First MTS Card, OneView mobile app and the redesigned SBI FASTag highlights SBI’s leadership in digital payment solutions and our dedication to enhancing the public transport experience. We are proud to introduce these innovations, which enhance convenience, security and efficiency for our customers.” Mahesh Kumar Sharma, Executive Director, Transaction Banking & New Initiatives, SBI, said, “As a digital payments enabler, SBI is dedicated to constant innovation and expanding the reach of digital solutions in India. The Nation 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 the need to visit metro or bus counters. We are committed to empowering citizens through SBI’s digital payment services, contributing to the larger goal of digital financial inclusion in India.”
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