ICICI Bank is targeting to double the number of windscreen tags used by vehicles for smooth passage highway tolls, to 4 million in six months. The lender, which was among the first to get into this segment, now has 2 million FASTag deployed in the market.
The tags were launched in order to make the passage of vehicles across toll plazas smoother, which will cut journey times and also save fuel. Axis Bank and State Bank of India are the other lenders offering the service. The tag has a RFID chip on board, which becomes the unique identity of a vehicle and helps in toll collection.
ICICI Bank is India’s largest private sector bank by consolidated assets. ICICI Bank’s subsidiaries include India’s leading private sector insurance, asset management and securities brokerage companies, and among the country’s largest private equity firms.