Indore: Stepping towards cashless payment system at toll booths located on highways, the National Highway Authority of India (NHAI) and National Payment Corporation of India (NPCI) have entered into an agreement with the State Bank of India (SBI).
Under the agreement, the SBI has been authorised to install pre-paid radio frequency tag-based electronic toll collection system at toll booths.
The new system will help truckers to bypass queues at toll booths. Required technology for the system would be provided to SBI by a leading local IT company, NICT Technologies Pvt Limited.
The company is a subsidiary of NICT group which is a working across the country in financial inclusion, e-Governance, and information technologies. An MoU in this regard was signed by director of NICT Technologies Pvt Ltd Jitendra Choudhary and DGM (Special Produects) SBI PS Bedekar at SBI Corporate Office in Mumbai.
Ajay Sadhu, general manager of the company, said in a press release that the automated payment system at toll booths will not only save travel time of vehicles but also precious fuel. Fastag is radio frequency based tag, which is placed on windscreen of the vehicle. Each tag carries unique number and info of vehicle and its owner in a digital form.
It is a prepaid recharge which can be recharged from bank account like mobile phone and at toll barrier a radio tag reader would read the tag and deduct stipulated amount from the tag and open the barrier.
