The National Payments Corporation of India has released new guidelines.
New Delhi: The new set of FASTag rules will come into effect from August 1. These include updates related to FASTag, which is a procedure meant to update toll payments and reduce congestion at toll booths.
The National Payments Corporation of India (NPCI) has released new guidelines, particularly emphasizing the FASTag Know Your Customer (KYC) requirements, which will be mandatory starting August 1. Although numerous rules are already established, the new KYC requirement for FASTag is critical.
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FASTag KYC
According to the FASTag New Rules, KYC must be completed by October 31.
Companies offering FASTag services must complete KYC for all FASTags issued between three to five years ago by October 31, a process that begins on August 1. FASTag customers should ensure their KYC is updated during this timeframe in accordance with NPCI guidelines.
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Important Update For Older Vehicle Owners
Beginning August 1, companies are required to comply with NPCI mandates, which include updating the KYC for FASTags that are three to five years old and replacing those that exceed five years by October 31. It is imperative for vehicle owners to complete their KYC by October 31, 2024.
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New Rules Effective From August 1
- Replacement of 5-year-old FASTags
- KYC update for 3-year-old FASTags
- Linking vehicle registration number and chassis number with FASTag
- Updating the registration number within 90 days of purchasing a new vehicle
- FASTag providers must verify their databases
- Uploading clear photos of the car’s front and side
- FASTag must be linked to a mobile number
- Completion of KYC requirements by October 31, 2024
