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ICICI Bank integrates FASTag at Vashi toll plaza in Navi Mumbai

By Edil Corneille

September 08, 2020

  • Fastag
  • ICICI Bank
  • India
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ICICI, logo, bank, India, MNC, financeToday, ICICI Bank announced that it has integrated FASTag technology at the Vashi toll plaza in Navi Mumbai, India. The integration has been done in association with the Maharashtra State Road Development Corporation Limited (MSRDC).

FASTag is a brand name owned by Indian Highways Management Company Ltd. (IHMCL) which carries out electronic tolling and other ancillary projects of National Highway Authorities of India (NHAI). This Radio Frequency Identification Device (RFID) tag is affixed on the windscreen of the vehicle.

The rechargeable tag enables automatic deduction of toll charges and allows vehicles to pass through the toll plaza without stopping for cash transactions. The tag can be reloaded with funds online using the bank’s internet banking, UPI, and NEFT platforms.

Sudipta Roy, Head- Unsecured Assets, ICICI Bank enthused, “We at ICICI Bank are proud to be associated with the integration of FASTag technology at Vashi toll plaza along with MSRDC, IHMCL, NPCI and the operator of the toll plaza, MEP Infrastructure. ICICI Bank was the first to launch this innovative service on the Mumbai – Vadodara corridor. We have successfully set benchmarks that are now being leveraged to create national standards for inter-operability between all banks.

We are also collaborating with various partners to come up with other innovative uses of FASTag payments. As part of this, we are working with NPCI to deploy FASTag-based contactless parking solution at malls and airports across key cities in the country, in the coming months. The Bank has already implemented this facility at the parking place of the GMR Hyderabad International Airport.”

Commuters can pay toll charges using FASTag issued by any bank. The process is contactless which holds significance amid COVID-19 times. ICICI Bank has mentioned that it becomes the first bank to integrate FASTag at Vashi toll plaza and will shortly integrate it at other toll plazas in Mumbai suburbs including Airoli, Dahisar, Mulund, and Thane.

Vijay Waghmare, Joint Managing Director II, MSRDC apprised, “With the successful roll out of FASTag at RGSL (Rajiv Gandhi Sea Link), we have rolled out FASTag services at Vashi which is one of the plazas that commuters use to travel to and from Mumbai. ETC services will be rolled out at Dahisar, Thane, Airoli & Mulund in due course of time. Post ‘Unlock 4.0’, vehicular traffic has picked up again and in order to give commuters a safe and contactless way of toll payments, digital payments like FASTag is the way forward”

Jayant Mhaiskar, Chairman & MD, MEP elucidated, “Our journey in ETC started way back in 2012. To fulfil MSRDC’s vision, we installed our first closed loop ETC system at RGSL( Rajiv Gandhi Sea Link) and then extended it at 5 Mumbai entry point toll plazas. We are glad to migrate the closed loop ETC system to NETC FASTag program implemented nation-wide. The interoperable NETC FASTag program will provide seamless entry in Mumbai city for commuters using national highways to travel to & from nearby cities.”

Praveena Rai, COO, NPCI enunciated, “We are pleased to be a part of NETC FASTag’s integration at the Vashi Toll Plaza with ICICI Bank. This initiative will provide passengers safe, contactless and convenient toll payments experience. We believe the NETC FASTag’s integration will be the stepping stone to a large-scale revolution in the unification of the urban mobility system. Given the current COVID scenario, safety is the utmost priority among citizens of the country and we look forward to NETC FASTag’s interoperability, empowering more and more commuters to undertake contactless and risk-free road journey.”

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