FASTag New Rules: From August 1, 2024, new KYC (Know Your Customer) regulations will be enforced for FASTag users, as mandated by the National Payments Corporation of India (NPCI). These changes aim to enhance security and streamline the FASTag system across India. Here’s what you need to know:
Key Highlights:
- Effective Date: August 1, 2024
- Deadline for KYC Completion: October 31, 2024
- Applicability: FASTags issued 3-5 years ago
- Mandatory Replacement: FASTags older than 5 years
- KYC Linkage: Vehicle Registration Number (VRN) and Chassis Number
New Guidelines and Deadlines
The NPCI has issued comprehensive guidelines to ensure that all FASTag service providers comply with the new KYC rules. These guidelines mandate that all FASTags, which were issued between three to five years ago, must have their KYC processes completed by October 31, 2024. Failure to do so may result in the deactivation of the FASTag.
Detailed Requirements:
| Requirement | Deadline | Details |
|---|---|---|
| KYC Completion for FASTags 3-5 Years Old | October 31, 2024 | Ensure KYC information is updated to avoid service disruption. |
| Replacement of FASTags Older than 5 Years | Immediate | Mandatory replacement of tags. |
| Linkage to Vehicle Registration Number (VRN) | Ongoing | All tags must be linked to VRN and chassis number. |
Importance of Updating KYC Information
Updating KYC information is crucial for the continuous operation of FASTag services. Service providers must ensure that each tag is linked to the vehicle’s registration number and chassis number. For new vehicles without a VRN, the chassis number is mandatory. Tags not complying with these regulations will be deactivated.
Ensuring Compliance
From August 1, 2024, all newly issued FASTags must adhere to the new guidelines. Each FASTag will be linked to a mobile number, and the service provider must ensure that the KYC linked to the mobile number is completed. The Vehicle Registration Number (VRN) will be unique for each issued tag, ensuring accurate tracking and management.
FASTag users should complete the KYC process by the stipulated deadline to avoid any disruption in services. Failure to update the VRN within 90 days will result in the FASTag being hotlisted. If the VRN is not updated within 30 days of being hotlisted, the tag may be deactivated permanently. The tag details will be verified through the VAHAN database or by the issuer.
Impact on Users
This move by NPCI aims to make FASTag usage more secure and efficient across the country. It is important for users to comply with the new regulations to ensure uninterrupted service. The initiative will streamline the process, making it easier for authorities to manage and for users to benefit from seamless toll payments.
For more details on the new rules and to ensure compliance, visit the official NPCI website or contact your FASTag service provider.
