Business
Deadline Extension Likely for FASTag KYC Update Implementation
The National Highway Authority of India (NHAI) is considering extending the deadline for the implementation of the ‘One Vehicle, One FASTag’ initiative, which could now be pushed until the end of March.
Amid concerns raised by users of Paytm FASTags, an official, speaking on the condition of anonymity, conveyed that given the challenges faced by Paytm users, the deadline for adopting the ‘One Vehicle, One FASTag’ standard may be extended till the end of March.
Previously, NHAI had announced the ‘One Vehicle, One FASTag’ initiative to be enforced from March 1st, urging users to update their KYC for FASTags by the deadline extended to February 29, 2024.
The new measure has impacted authorized entities managing highways like HDFC Bank, ICICI Bank, SBI, Axis Bank, and PNB as it addresses recent reports of multiple FASTags being issued for a single vehicle and the issuance of FASTags without proper KYC checks, which goes against RBI regulations.
To update their FASTag KYC details, individuals can follow easy steps available on the Indian Highway Management Company Limited (IHML) website. Log in to IHMCL’s customer portal using the registered mobile number and OTP or password.
Upon logging in, navigate to the dashboard menu and choose the ‘My Profile’ option on the left side of the dashboard to view your KYC status and profile details. Access the ‘KYC’ section and select the appropriate ‘Customer Type’ to begin the KYC process.
Enter mandatory information as per the ID proof, address proof documents, provide a passport-sized photo, and fill in all required fields accordingly. Ensuring the authenticity of attached documents and declaring the originals are essential steps in the process.
Once you submit your request for KYC upgrade, the process will be completed within a maximum of seven working days. Monitor your KYC status through the ‘My Profile’ page on the customer portal.
It is necessary to update FASTag KYC details before the February 29 deadline to prevent any inconvenience or account inactivity. Adhere to NHAI’s directives and take necessary steps to avoid any disruption in using your FASTag.
