Starting August 1, new rules for FASTag will come into effect, introduced by the National Payments Corporation of India (NPCI) to enhance the efficiency of toll payments and reduce delays. The updated regulations focus on KYC (Know Your Customer) requirements for FASTag users. Here’s a summary of the key changes:
KYC Updates Required by October 31
From August 1, FASTag service providers will need to update KYC details for FASTags that were issued between three to five years ago. Vehicle owners are required to ensure their FASTag KYC information is up-to-date by October 31.
Important Deadlines for Vehicle Owners
- August 1 to October 31: During this period, FASTag providers must comply with NPCI’s updated regulations. This includes updating KYC information for FASTags older than three years and replacing those that are more than five years old.
Immediate Changes Starting August 1:
Replace any FASTags older than five years.
Update KYC details for FASTags that are older than three years.
Ensure the vehicle’s registration number and chassis number are linked to the FASTag.
Update the registration number within 90 days if acquiring a new vehicle.
FASTag providers must verify their records and upload clear images of the vehicle’s front and side.
Link the FASTag to a mobile number.
All KYC processes must be completed by October 31, 2024, to remain compliant with the new regulations.