Aug 31, 2024 07:40 PM IST
SBI launches a new FASTag design to crack down on VC-04 tags being used on higher class of vehicles like trucks, leading to a loss of income for toll plazas
State Bank of India (SBI) has launched a new FASTag design to crack down on smaller vehicle tags being used on larger vehicles to reduce toll charges, the Economic Times reported, adding that this is specifically for Vehicle Class-4 (VC-04), which includes car, jeep, and van categories.
The new tag is available since August 30, 2024.
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Why was the new FASTag design launched?
Currently, VC-04 tags are being used on higher class of vehicles like trucks, leading to a loss of income for toll plazas, the Economic Times quoted SBI as saying.
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The new design will enable easy identification of the class of vehicles and help the toll staff take instant action against the wrong class of vehicles, according to the report.
Other products launched by SBI
SBI also launched India’s first MTS card – The MTS RuPay NCMC prepaid card.
“The MTS RuPay NCMC prepaid card is designed to offer a seamless, offline payment solution for all NCMC-enabled transit projects, including metro rails, buses, ferries, tolls, and parking,” the SBI wrote in its press release.
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SBI also launched the OneView mobile application which is “designed to provide a comprehensive solution for managing SBI’s NCMC Prepaid Cards, making it easier for customers to top-up, track, and manage their cards from a single platform,” according to SBI.
“The Nation First MTS Card, issued without the need for KYC verification, along with the OneView app, streamlines card management, making it easier for users to top-up without the need to visit metro or bus counters,” said Mahesh Kumar Sharma, DMD – Transaction Banking and New Initiatives at SBI.
