The deadline for completing all KYC updates and FASTag replacements is October 31, 2024. The NPCI stresses the importance of adhering to these deadlines to prevent any unforeseen issues.
Beginning August 1, 2024, the National Payments Corporation of India (NPCI) have implement revised FASTag regulations to streamline toll payments and alleviate congestion at toll plazas. These regulations will have a significant impact on FASTag users. Under the new rules, FASTag service providers must conduct Know Your Customer (KYC) updates for all FASTags issued between three to five years ago by October 31, 2024. This step is essential to ensure the accuracy and validity of the account information, enhancing security measures. Users must check the issuance date of their FASTag accounts and get replacements from their issuing authorities, as old accounts will become invalid.
Another significant changes includes linking the FASTag account to the vehicle’s registration number, chassis number, and the owner’s phone number. This measure aims to prevent the misuse of FASTags by ensuring each account is linked to a specific vehicle. Users are also required to upload photos of the vehicle’s front and side during the linking process.
For new vehicles purchased after August 1, owners must update the registration number within three months of purchase. Moreover, NPCI mandates the replacement of any FASTag older than five years to enhance the accuracy and reliability of toll payments. Vehicle owners are advised to check the issuance dates of their FASTags promptly and take necessary actions to comply with this requirement.
New FASTag rules
- Replacement of 5-Year-Old FASTags: FASTags older than five years must be replaced.
- KYC Update for 3-Year-Old FASTags: KYC must be updated for FASTags issued 3 years ago.
- Linking Vehicle Details: Vehicle registration number and chassis number must be linked with the FASTag.
- New Vehicle Registration Update: Update the registration number within 90 days of purchasing a new vehicle.
- Database Verification: FASTag providers must verify their databases.
- Photo Upload Requirement: Upload clear photos of the car’s front and side.
- Mobile Number Linking: FASTag must be linked to a mobile number.
Final Deadline and Compliance
The deadline for completing all KYC updates and FASTag replacements is October 31, 2024. The NPCI stresses the importance of adhering to these deadlines to prevent any unforeseen issues. As noted, “Missing these deadlines could lead to significant inconveniences,” making it essential for users to stay informed and act promptly.
Key points about FASTag:
- Vehicle-specific: Once affixed, it cannot be transferred to another vehicle.
- Availability: Purchase from any NETC Member Bank.
- Rechargeable: If linked to a prepaid account, it needs to be recharged based on usage.
- Blacklisting: If the account balance is insufficient, the FASTag will be blacklisted, requiring cash payment at the toll plaza.
FASTag recharge via Paytm app
Paytm has recently launched a new feature on its app, enabling users to recharge their FASTags directly through the platform. This innovative move comes in the wake of regulatory restrictions imposed on Paytm Payments Bank Limited (PPBL) by the Reserve Bank of India. The introduction of this feature aims to provide users with a hassle-free experience, allowing them to recharge their FASTags conveniently without the need to endure long queues or delays at toll plazas.
Despite the challenges posed by regulatory scrutiny, Paytm reassures its users that all other services on the app, such as UPI transactions, QR code payments, Soundbox, and Card Machine payments, continue to operate seamlessly without any disruptions.