SBI introduces new FASTag design that reduces toll wait times
The State Bank of India (SBI) has unveiled a new design for its FASTag, specifically targeting Vehicle Class-4 (VC-04), which includes cars, jeeps, and vans. The bank's objective with this innovative design is to streamline vehicle identification at toll plazas and enhance toll collection efficiency. This move is expected to reduce travel time for millions of commuters across the country, according to SBI's press release.
New design aims to correct toll fee discrepancies
The new SBI FASTag design will allow toll plaza operators to easily identify any incorrect issuance. This is particularly relevant as VC-04 tags are often mistakenly affixed on higher-class vehicles like trucks, leading to revenue losses for toll plazas and concessionaires. The bank stated, "This new design will be easily identifiable and toll staff will instantly take action against wrong-class vehicles."
Aim to reduce chargeback cases
The redesigned SBI FASTag is expected to minimize chargeback cases due to incorrect issuance and increase government revenue by ensuring the correct toll fee is collected. The bank believes that this initiative will encourage customers to purchase the appropriate category of FASTag, thereby avoiding any potential inconvenience at toll plazas. This new design has been available since August 30, 2024.
SBI launches India's first MTS card
Alongside the new FASTag design, SBI has also introduced India's first MTS card - The MTS RuPay NCMC prepaid card. This innovative card is designed to provide a seamless offline payment solution for all NCMC-enabled transit projects. Additionally, the bank has launched the OneView mobile application, a comprehensive platform for managing SBI's NCMC Prepaid Cards.
