New Delhi: Fastag system is going to be implemented for cashless transactions at many toll plazas across the country from December 15, before the end of the year. But before this, the Ministry of Roads, Transport and Highways have requested the Reserve Bank of India to waive the KYC process for fastags.
Freedom from documents: According to information from sources, the Ministry told the RBI that customers who buy Fastags should be exempted from mandatory rules like Know Your customer i.e. KYC so that people can buy Fastgas immediately from the nearest toll gates. According to the current rules, the vehicle owner has to give the details of the vehicle, along with the related documents and documents related to personal identity and address.
Banks have already done KYC: An official of the ministry says that under the current process the user has to create a wallet and link it to the concerned bank or credit card, after which it can be recharged. While banks have already KYC of customers' bank accounts and credit cards, there is no need for KYC again.
This system is in the metro: He says that the closed-loop payment system is the best example of this, and it is used in Delhi Metro Cards. It does not require any type of KYC. The government says that 80 lakh tags have been distributed so far before the fastag system is implemented from December 15.
At the same time, the ministry also says that the government is planning to start paying parking, petrol pumps and other services through fastags in the future and toll roads operated by the state governments will also be brought under the fastags, in such a way - Open-loop payment system can be adopted.
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