On February 12, 2021 Equitas Small Finance Bank Ltd (ESFBL) has partnered with Maharashtra State Road Development Corporation Limited (MSRDC) and Ocean Highway Facilities and Solutions Pvt Ltd. to launch India’s first FASTag powered truck terminal at Khalapur, Maharashtra on the Yashwantrao Chavan Mumbai – Pune Expressway.
About FASTag:
Launch
The National Highway Authority of India (NHAI) launched FASTag for Electronic Toll Collection on Toll Plazas
Brand Name
FASTag is a brand name owned by Indian Highways Management Company Ltd. (IHMCL), which carries out electronic tolling and other ancillary projects of NHAI.
Features
RFID technology
It uses Radio-frequency Identification (RFID) technology to make toll payments directly from the prepaid account linked to it.
Reloadable tag
It is a reloadable tag that enables automatic deduction of toll charges and allows people to pass through the toll plaza without the need to stop for the cash transaction.
Payment mode
The National Electronic Toll Collection (NETC)’s common set of processes, business rules and technical specifications enables the customer to use their FASTag as payment mode on any of the toll plazas regardless of who acquired the toll plaza
What is NETC?
National Payments Corporation of India (NPCI) has developed the National Electronic Toll Collection (NETC) program to meet the electronic tolling requirements of the Indian market.
Benefits
It offers convenience of cashless payment.
It also offers benefits like, savings on fuel and time as the customer is not required to stop at toll plaza.
Key Info about ESFBL:
i.It was originally incorporated as ‘V.A.P. Finance Private Limited’ on June 21, 1993.
ii.The bank was converted into a small finance bank (SFB) and commenced its operations on September 5, 2016.
iii.It is the 1st Private Sector Bank from Tamil Nadu to commence operations post Indian Independence.
iv.As per the CRISIL report, ESFBL is the largest small finance bank in India in terms of number of banking outlets as of March 31, 2019.
Recent Related News:
On December 28, 2020 ICICI Bank collaborated with Google Pay to issue FASTag through Unified Payments Interface (UPI) on the payments app. This allows Google Pay users to order, track and recharge ICICI Bank FASTag digitally on the payments platform. With this partnership, ICICI Bank FASTag is now available on Google Pay.
About Equitas Small Finance Bank Limited(ESFBL):
MD and CEO– Vasudevan Pathangi Narasimhan (P N)
Headquarters– Chennai, Tamil Nadu
Commenced the business of SFB– September 5, 2016
Tagline– It’s Fun Banking
About Maharashtra State Road Development Corporation Limited (MSRDC):
Chairman– Eknath Shinde, Maharashtra Minister for Public Works(Public Undertaking),
Vice Chairman & Managing Director– R.L.Mopalwar (I.A.S)
HeadOffice– Mumbai, Maharashtra
