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  Business   Companies  23 May 2017  SBI aims to issue 1 million e-toll tags by FY18-end

SBI aims to issue 1 million e-toll tags by FY18-end

PTI
Published : May 23, 2017, 6:01 pm IST
Updated : May 23, 2017, 6:01 pm IST

Electronic toll collection (ETC) enables vehicles to pay highway tolls electronically without stopping at plazas.

So far, 80,000 electronic tags have been issued by SBI. (Photo: Mrugesh Bandiwadekar)
 So far, 80,000 electronic tags have been issued by SBI. (Photo: Mrugesh Bandiwadekar)

Hyderabad: State Bank of India (SBI) is aiming to issue 1 million electronic tolling tags or `FASTag' by March 2018, enabling motorists a hassle-free passage through toll plazas on the national highways.

Electronic toll collection (ETC) enables vehicles to pay highway tolls electronically without stopping at plazas.

"So far, 80,000 electronic tags have been issued by SBI. By the end of the current fiscal, we are planning to issue one million electronic tags for vehicles pan-India," SBI Deputy Managing Director and Chief Operating Officer Neeraj Vyas told reporters here.

Earlier, Vyas launched SBI 'FASTag' for car owners. He handed over RFID tags to its customers (car owners) at SBI's local head office here.

FASTag', based on radio-frequency identification technology (RFID), affixed on the windscreen of vehicle is a simple-to-use, re-loadable tag which enables automatic deduction of toll charges and lets one pass through the toll plaza without stopping for cash transaction.

National Highways Authority of India (NHAI) had rolled out cashless payment mechanism (FASTag) on toll plazas on national highways in April 2016. FASTag is presently operational in over 360 toll plazas across national highways in the country.

SBI (Telangana Circle) Chief General Manager Hardayal Prasad said they have issued 6,300 electronic tags in their circle and expect to take this figure to 50,000 by the end of the current financial year.  

Tags: state bank of india, electronic toll, toll plazas, sbi fastag, nhai
Location: India, Telangana, Hyderabad