New Delhi : ICICI Bank is aiming to facilitate 30 lakh transactions through its inter-operable electronic toll collection facility on national highways by March 2017.
This e-toll collection enables vehicles to pay highway tolls electronically without stopping at toll plazas. The country’s largest private sector lender, also the first bank to have rolled out the facility, is also planning to issue 4 lakh tags to motorists to allow them a hassle-free passage through toll plazas on the national highways, reports PTI.
“ICICI Bank aims to issue 4 lakh ETC (electronic toll collection) tags and record three million transactions by March 2017. A vehicle with the ‘FASTag’ can use the dedicated lanes on either side of the toll plaza to avoid long queues in the cash lanes of the toll plazas,” ICICI MD and CEO Chanda Kochhar said.
The ETC tags enhance convenience for motorists to avoid congestion at toll booths as drivers don’t have to stop and pay the fee, thus, saving their time. Kochhar added that this technology will play a crucial role in the growth of cashless payments in India. Currently, there are 343 ICICI Bank enabled locations across major national highways that cover about 90 per cent of the tolled national highways network. Over 30,000 FASTags issued by ICICI are in use. Kochhar also added, “We are closely working with Road Transport & Highways Ministry, NHAI and Indian Highways Management Company Ltd to cover more highways under ETC in the near future.” NHAI also offers 10 per cent cashback to the customers for payment of toll through FASTag. This electronic mode transaction is in-line with RBI’s Vision-2018 agenda, a move towards a less-cash society.