State Bank of India (SBI) has introduced a new design for its FASTag, aimed at reducing travel time for highway commuters. On August 30, 2024, the bank announced that this new FASTag design, specifically for Vehicle Class-4 (VC-04) vehicles such as cars, jeeps, and vans, will improve vehicle identification and toll collection efficiency, speeding up travel for millions of people across India.
Who Can Use the New SBI FASTag?
The new FASTag design is exclusively for Vehicle Class-4 vehicles like cars, jeeps, and vans. SBI clarified that this redesign will help toll plaza operators easily identify vehicles and prevent incorrect FASTag issuance, which currently results in lost income when higher-class vehicles, such as trucks, use VC-4 tags.
How Does the New SBI FASTag Design Help?
SBI’s new FASTag design will allow toll staff to quickly identify the correct class of vehicles, ensuring that the right toll fee is charged. This will help reduce cases of incorrect toll charges and increase revenue for toll plazas and the government. The clear identification will also encourage customers to purchase the correct FASTag category, avoiding any potential hassles at toll plazas.
Other Products Launched by SBI on August 30, 2024
In addition to the new FASTag, SBI has launched two more products:
- MTS RuPay NCMC Prepaid Card: India’s first MTS card, designed for seamless, offline payments across NCMC-enabled transit projects such as metro rails, buses, ferries, tolls, and parking.
- OneView Mobile Application: This app offers a simple solution for managing SBI’s NCMC Prepaid Cards, allowing users to top-up, track, and manage their cards from a single platform.
SBI’s Commitment to Digital Payment Solutions
Challa Sreenivasulu Setty, Chairman of SBI, highlighted that these innovations, including the new FASTag design, the MTS Card, and the OneView app, demonstrate SBI’s leadership in digital payment solutions and its dedication to improving public transportation experiences. Mahesh Kumar Sharma, SBI’s Deputy Managing Director of Transaction Banking and New Initiatives, emphasized the bank’s ongoing commitment to digital innovation, making it easier for users to manage their payments and contribute to digital financial inclusion in India.
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