The following article is based on my own interpretation of the said events. Any material borrowed from published and unpublished sources has been appropriately referenced. I will bear the sole responsibility for anything that is found to have been copied or misappropriated or misrepresented in the following post.
Mudit Singhal, MBA 2015-17, Vinod Gupta School of Management, IIT Kharagpur
National Highways Authority of India (NHAI) is set to provide cashless payment at 275 toll plazas using mechanism (FASTag). This would in effect from Monday.India currently has 350 toll plazas through which FASTag would enable vehicular movement almost non-stop and convenience of cashless payments of toll fee with nationwide inter operability. FASTag would be in place across 350 plazas in India by this year.
FASTag users would be provided with 10% cashback which would be credited back to the users account at the beginning of the next month. NHAI has partnered with ICICI Bank and Axis Bank with one-time registration fee of Rs 200 for FASTag which would be affixed on wind screen using RFID technology.
FSTag would be availabe on selected toll plazas on National Highways and designated bank branches of partner banks.
Cashless payments would enable faster vehicular movement and foster growth across sectors.