look news india
FASTag Recharge- Now the hassle of recharging FASTag will end. Vehicles will not stop at toll plazas even if there is no balance. Reserve Bank of India has included FASTag and National Common Mobility Card (NCMC) in the e-mandate framework. Under this, if the amount in these two payment devices is less than the prescribed limit, then the money will be automatically deducted from the customer's account and added to it. Due to which the user will not have to recharge FASTag again and again.
The e-mandate framework was created in the year 2019. Its purpose is to protect the interests of customers by informing them of debits from their accounts. RBI has said in a press release that there is no fixed time limit for payment under FASTag and NCMC. Payment may be required at any time. So the money will be credited to the account without any fixed time limit.
Therefore, it will not be necessary to give pre-debit notification to the users. Under this, all other rules and guidelines of the e-mandate framework will remain the same. Earlier, the user had to send a pre-debit notification at least 24 hours before debiting money from his account.
The RBI had also announced the inclusion of recurring payments for FASTAG and NCMC under the e-mandate framework in the monetary policy meeting on June 7, 2024. Currently, a notification of at least 24 hours is required before money is withdrawn from the customer's account under the e-mandate framework.
RBI said that the trend of payment instruments like Fastag and NCMC is increasing in the country. Earlier, when there was less money in FASTag and NCMC wallet, there was a problem in making payment.
What is Fastag?
Fastag is a type of tag or sticker. It is placed on the windscreen of the vehicle. Fastag works on Radio Frequency Identification or RFID technology. Through this technology, the cameras installed at the toll plaza scan the bar code of the sticker. The toll fee is automatically deducted from the FASTag wallet. Once purchased, the Fastag sticker is valid for 5 years. That is, after 5 years you will have to change the sticker or extend its validity.
