Fastag News Update: All vehicles across the country now require the use of FASTag. Since the introduction of Fastag, people no longer take the time to pay the toll tax. No Fastag? You may face a steep toll plaza fine.
The government changes the Fastag rules for toll tax collection from time to time. NPCI implemented the new Fastag rules in August.
After this, it became very important for Fastag users to follow the new rules. Following these rules is crucial to prevent any issues while traveling on the highway. Now in the meantime, a big news is coming out for FASTag users.
The Reserve Bank of India has included Fastag and National Common Mobility Card in the e-mandate framework. The Reserve Bank of India will deduct money from the customer’s account and add it to it as soon as the amount in these two payment instruments falls below the set limit.
For this reason, the user will not need to recharge Fastag again and again. Overall, the hassle of recharging Fastag will now be over for customers.
The best part is that even if there is not enough balance, the vehicle will not stop at the toll plaza. It will be able to pass easily. 2019 saw the creation of the e-mandate framework.
In a press release, the RBI stated that there is no fixed time limit for payment under Fastag and NCMC. Payment may be required at any time. Therefore, there will be no set time limit for crediting money from the account.
As a result, it will not be necessary to notify users of pre-debit. All other rules and guidelines in the e-mandate framework will remain the same. Previously, to debit money from his account, the user had to send a pre-debit notification at least 24 hours in advance.
RBI announced the inclusion of recurring payments for Fastag and NCMC under the e-mandate framework in the monetary policy meeting on 7 June 2024. Currently, under the e-mandate framework, it is required to give information at least 24 hours before withdrawing money from the customer’s account.
The RBI said that the trend of payment instruments such as Fastag and NCMC is continuously increasing in the country. Earlier, when the money in Fastag and NCMC wallet used to run low, there used to be problems in making payments.
