Skip to main content

ICICI Bank eyes thirty lakh transactions via e-toll plazas by March

A vehicle with 'FASTag' will use dedicated lanes on either aspect of the piece of ground to avoid long queues within the money lanes of the toll plazas

ICICI Bank aims to issue four large integer ETC tags and record 3 million transactions by March 2017.

New Delhi: ICICI Bank is planning to facilitate thirty large integer transactions through its interoperable electronic toll collection facility on national highways by March 2017.

Electronic toll collection (ETC) permits vehicles to pay main road tolls electronically no end at toll plazas. The country's largest personal sector loaner, additionally the primary bank to possess extended the ability, is additionally getting to issue four large integer tags to motorists to permit them a hassle-free passage through toll plazas on the national highways.

"ICICI Bank aims to issue four large integer ETC tags and record 3 million transactions by March 2017. A vehicle with the 'FASTag' will use the dedicated lanes on either aspect of the piece of ground to avoid long queues within the money lanes of the toll plazas," its decision maker and Chief military officer Chanda Kochhar aforementioned.

ETC tags enhance convenience for motorists to avoid congestion at toll booths as drivers haven't got to prevent and pay the fee, saving their time. Keeping visible  its edges, this technology can play an important role in the growth of cashless payments in India, Kochhar same.

Currently, there area unit 343 ICICI Bank enabled locations across major national highways that cowl concerning ninety per cent of the tolled national highways network. Till date, ICICI Bank has issued over 30,000 FASTags that area unit in use. It began the service 1st within the country on the Mumbai-Vadodara passageway of NH-8 in 2013.

For making associated electronic payment at toll booths, a postpaid oftenness Identification Device (RFID) tag called quick noble metal is affixed  on the screen of a vehicle.

As a vehicle crosses a parcel of land, the data written on the FASTag is captured by a reader put in at the parcel of land. the data is then passed to the Bank to debit the motorist's tag paid account created at the central financial organization set-up by the Bank. Then the toll quantity is subtracted and transferred to the concessionaire's account electronically.

Customers will recharge their TAG account by creating payment through numerous ways in which as well as credit/debit/NEFT/RTGS or internet banking. NHAI additionally offers ten per cent cashback to the shoppers for payment of toll through FASTag.

"We square measure closely operating with Road Transport & Highways Ministry, National road Authority of Asian nation (NHAI) and Indian Highways Management Company Ltd to hide additional highways underneath ETC within the close to future," Kochhar same.

Facilitating additional and additional payment through electronic mode and therefore move towards a less-cash society is RBI's Vision-2018 agenda. it's aimed toward creating payment systems in Asian nation safe, secure, authorised, economical and accessible.


Popular posts from this blog

Credit Card Machine Laws

Credit-card scanners handle info that, within the wrong hands, causes you to susceptible to fraud or credit fraud. The 2003 federal honest and correct Credit dealings Act set rules for the way scanners treat your range to raised shield you. additionally to the law, merchants even have to follow pointers from the Payment Card trade Security Standards Council, a gaggle organized by the most important credit-card firms to boost security.

How to Get little Business Credit As a Start-Up

One of the harder tasks for any little business owner is to induce credit established in your company's name. If you would like your company to develop its own credit history, follow the steps necessary to form little business credit. a number of the steps could seem alittle tough, however every is important in serving to your company establish its own credit identity.

How to Make Money With Social Media