- February 1, 2024
Deadline for complying with KYC norms for FASTags extended by a month to February 29 – Times of India
The National Highways Authority of India (NHAI) has extended the deadline for completing the Know Your Customer (KYC) for FASTags for one month (Feb 29), a move that will come as a relief for a large number of vehicle owners. Earlier, the deadline was January 31.
While the Indian Highways Management Company Ltd (IHMCL), a company under the NHAI, is assessing how many customers are still out of the FASTag KYC compliance net, sources said so far only seven lakh multiple tags have been surrendered out of around 1.3 crore such tags.Earlier the IHMCL had urged the vehicle owners to keep only one tag — the latest one which was purchased — as others would be blacklisted after the extended deadline.
Officials said there will be no more extension of the deadline to blacklist multiple or duplicate FASTag as the NHAI wants to implement the ‘one vehicle, one FASTag’ norm. They added that vehicle owners having more than one tag linked to a particular vehicle needs to visit their bank to surrender earlier issued FASTags.
Sources said the FASTag issuing banks have been sending alerts to customers to complete their compliance who have not yet done this. “We don’t want to cause inconvenience to the customers, but this is a mandatory condition laid by the Reserve Bank of India. People should complete this on priority and should not wait for the extended deadline to avoid any hassle,” said an official.
While so far around seven crore FASTags have been issued, around five crore are active. IDFC First Bank, ICICI Bank and Paytm are the three top players that have issued a maximum number of these smart tags for online payment of user fee on highways and also for parking.
NHAI officials said that the customers can dial 1033 to get assistance on how to get their KYC done.
How to check your KYC status
While the Indian Highways Management Company Ltd (IHMCL), a company under the NHAI, is assessing how many customers are still out of the FASTag KYC compliance net, sources said so far only seven lakh multiple tags have been surrendered out of around 1.3 crore such tags.Earlier the IHMCL had urged the vehicle owners to keep only one tag — the latest one which was purchased — as others would be blacklisted after the extended deadline.
Officials said there will be no more extension of the deadline to blacklist multiple or duplicate FASTag as the NHAI wants to implement the ‘one vehicle, one FASTag’ norm. They added that vehicle owners having more than one tag linked to a particular vehicle needs to visit their bank to surrender earlier issued FASTags.
Sources said the FASTag issuing banks have been sending alerts to customers to complete their compliance who have not yet done this. “We don’t want to cause inconvenience to the customers, but this is a mandatory condition laid by the Reserve Bank of India. People should complete this on priority and should not wait for the extended deadline to avoid any hassle,” said an official.
While so far around seven crore FASTags have been issued, around five crore are active. IDFC First Bank, ICICI Bank and Paytm are the three top players that have issued a maximum number of these smart tags for online payment of user fee on highways and also for parking.
NHAI officials said that the customers can dial 1033 to get assistance on how to get their KYC done.
How to check your KYC status
