SBI new FASTag: Who can use it?
SBI has clarified to ET Wealth Online that this new FASTag design is being launched for Vehicle Class-4 i.e. Car, Jeep, Van, etc. The public sector bank mentions, “New FASTag design is launched for Vehicle Class-4(Car, Jeep, Van) which will help toll plaza operators to identify wrong issuance comfortably. Currently, VC 4 tags are being affixed on higher class of vehicles (trucks, etc.) which leads to loss of income for toll plaza/concessionaires.” SBI said that this FASTag is available since August 30, 2024.
How can this new design of SBI FASTag help?
According to SBI, this new design of SBI FASTag will enable easy identification of the class of vehicles and help the toll staff take instant action against the wrong class of vehicles. “Additionally, it will help the ecosystem in reducing chargeback cases for wrong issuance and increasing the income for the government by recovering the correct toll fee. This new design will be easily identifiable and toll staff will instantly take action against wrong-class vehicles. It will also build a habit among customers to purchase the correct category of FASTag to avoid hassle,” said SBI.
Other products which SBI also launched on August 30, 2024
In the press release, SBI mentioned that it has launched India’s first MTS card – The MTS RuPay NCMC prepaid card. “The MTS RuPay NCMC prepaid card is designed to offer a seamless, offline payment solution for all NCMC-enabled transit projects, including metro rails, buses, ferries, tolls, and parking,” said the SBI in the press release.
Lastly, another product – OneView mobile application was also launched. “OneView Mobile Application is designed to provide a comprehensive solution for managing SBI’s NCMC Prepaid Cards, making it easier for customers to top-up, track, and manage their cards from a single platform,” said the SBI in the press release.
Challa Sreenivasulu Setty, Chairman, of SBI, said, “The introduction of the Nation First MTS Card, the OneView Mobile Application, and the redesigned SBI FASTag highlights SBI’s leadership in digital payment solutions and our dedication to improving the public transportation experience. We are proud to introduce these innovations, which enhance convenience, security, and efficiency for our customers.”Mahesh Kumar Sharma, DMD – Transaction Banking and New Initiatives, SBI said “As enablers of digital payments, 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 top-up without the need to visit metro or bus counters. We are committed to empowering citizens through SBI’s digital payment services, contributing to the broader goal of digital financial inclusion in India.”
