New Delhi, August 23 (Udaipur Kiran): The Reserve Bank of India (RBI) has completely eliminated the hassle of low balance in FastTags by amending its regulations. With this new RBI rule, vehicles will no longer be stopped at toll plazas due to low balance, and will smoothly pass through.
According to information provided by the RBI, the central bank has included FastTag and National Common Mobility Card (NCMC) in the e-mandate framework. This means that whenever the balance in these payment instruments falls below the prescribed limit, the required amount will automatically be transferred from the customer’s bank account to these payment instruments. An added advantage of this is that customers will no longer have to recharge their FastTags frequently. Thus, the hassle of FastTag recharging will be completely eliminated. It may be noted that the e-mandate framework was developed in 2019. The primary objective of developing this framework was to protect the interests of customers by providing them with information about the withdrawal of money from their accounts.
According to the RBI, there is no pre-determined or fixed time limit for payments under FastTag and National Common Mobility Card. Thus, by including these in the e-mandate framework, money will be automatically credited to these payment instruments from the account without any fixed time limit. For this, there will be no need to send pre-debit notifications to customers. Earlier, customers had to send a pre-debit notification at least 24 hours in advance to debit money from their accounts.
It is worth mentioning that the RBI had announced the inclusion of FastTag and National Common Mobility Card in the e-mandate framework in the Monetary Policy Committee meeting held from 5th to 7th June. Under this, it was also mentioned to include recurring payments. In this regard, the Reserve Bank of India has stated that the use of payment instruments like National Common Mobility Card and FastTag is continuously increasing in the country. Therefore, efforts are constantly being made to make the use of these payment instruments more convenient. Earlier, money had to be deposited in the FastTag or National Common Mobility Card wallet, but customers faced difficulties in making payments when the money in the wallet was low. Therefore, a new system has now been implemented, through which FastTag and National Common Mobility Card will be automatically recharged through the customer’s account as and when needed through the e-mandate framework.
Deependra Singh Chundawat is a Senior Sub-Editor at Udaipur Kiran, specializing in a wide range of technology topics including mobile phones, applications, gaming, PCs, and wearables. Along with covering the latest tech news, he also creates engaging web stories. Passionate about emerging technologies, he stays up to date with the newest trends and enjoys reading and writing about the latest mobile launches and digital innovations.
