FASTag Annual Pass: What is it, how it impacts existing users & more
The government is considering to introduce an annual pass system for toll collection with a payment of ₹ 3,000 for unlimited travel on highways, eliminating FASTag recharges. The policy also proposes distance-based pricing and barrier-free toll booths to improve traffic flow with the goal to simplify travel in national highways, according to a report by the Times of India.
Vehicle owners will be allowed to make one-time annual payment of INR 3,000 to travel unlimited distances on all national highways, expressways, and state expressways entire year, according to the proposed policy. After the implementation of this policy, FASTag recharges will not be required for travel across the country.
The policy proposes a 'pay-as-you-go model' at ₹ 50 per 100 km, convenient for those who do not travel often.
The vehicle owners can transition to the new system without the need to show any additional documents or account changes. The FASTag users can shift to the new policy with their current accounts. Additionally, the earlier policy to introduce a lifetime FASTag with a one-time payment of ₹ 30,000 for 15 years has been scrapped.
According to the proposed policy, toll booths will not have physical barriers, and the existing sensor-based systems will be phased out. This initiative is expected to make travelling more seamless and quick. Additionally, the barrier-free toll booths will ease traffic congestion and reduce fuel consumption.
If implemented, the latest policy is expected to impact the toll revenue of highway contractors. Consequently, the Ministry of Road Transport and Highways (MoRTH) will formulate a compensation plan based on digital travel data. Banks will be given more authority to curb toll evasion by introducing several measures.
However, the government has not given official confirmation on the latest toll collection policy. Livemint could not independently verify the report.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
&w=3840&q=100)
Business Standard
5 hours ago
- Business Standard
Digital payments jump, but robust fraud management key to users' safety
A safe payment system will help further the goal of financial inclusion and achieve higher, sustainable economic growth Listen to This Article India's digital-payment landscape has demonstrated remarkable expansion over the past few years. The recent data released by the National Payments Corporation of India showed that monthly transactions on the Unified Payments Interface (UPI) exceeded ₹25 trillion for the first time in a month — in May — and hit an all-time high of 18.68 billion in volumes. This reflects a 33 per cent year-on-year jump in transaction volumes, while the value was up 23 per cent. There was also a significant increase in the value and volumes of Immediate Payment Service, Aadhaar-Enabled Payment System, and FASTag transactions. Although a rapid
Business Standard
8 hours ago
- Business Standard
Fibe Unveils Digital FDs, Strengthening Its Role as a One-Stop Financial Partner
PRNewswire Mumbai (Maharashtra) [India], June 3: Fibe, one of India's leading digital lending platforms, has forayed into the investment space with the launch of its next-generation Digital Fixed Deposit (FD) offering. Designed with enhanced convenience and accessibility, this product will allow individuals to open fixed deposit accounts through Fibe's app. Customers can book an FD from the bank or NBFC of their choosing without the need for having a savings account in the same bank. Enables investments without a linked savings account, with options from top banks and NBFCs. Offers up to 9.1% interest and smart features like FD laddering, early access, and seamless switching. Fibe's newest offering aggregates options from multiple partner banks and NBFCs, allowing financially-savvy individuals to easily compare interest rates and choose an option tailored to their financial goals. It will provide them with high-yield deposit options, with interest rates of up to 9.1% for senior citizens--all via the Fibe app. Besides, the digital FD will offer customizable tenures from one to five years with investments as low as INR 1,000. This product offering comes after the Fibe's Millennial Upgrade Index study indicated that 39% millennials aim to achieve long-term goals such as home ownership and entrepreneurship through savings, while 26% prefer to save before making major purchases - signifying that millennials are increasingly prioritizing disciplined saving and long-term planning. Fixed deposits remain a trusted investment, especially amid market volatility. A Digital FD provides a secure and accessible solution tailored to both short- and long-term financial objectives, demonstrating Fibe's commitment to empowering the next generation of investors. This announcement also earmarks the company's first strategic step toward evolving into a comprehensive financial services platform. Its entry into the investment space signifies a pivotal milestone in this journey, with plans to introduce a broader suite of offerings in the coming years. Akshay Mehrotra, Cofounder & CEO, Fibe, said, "The launch of our Digital Fixed Deposit addresses the evolving needs of the tech-savvy generation by modernizing a traditional investment instrument--making it more accessible, flexible, and aligned with contemporary financial goals. This initiative reflects our long-term vision of shaping the financial journeys of individuals during various stages of their life, especially India's young, digitally connected population." To enhance user experience and maximize returns, Fibe's digital FD comes with a range of smart features: * Dashboard: Allows users to monitor all their fixed deposits and accumulated interests in one consolidated view. * Break FD: Allows users to access funds before maturity without compromising returns. * FD Laddering: Helps maintain a balanced portfolio by investing across multiple tenures, optimizing both liquidity and earnings. The platform supports quick digital KYC, requires no existing bank account, and offers added benefits like DICGC-insured deposits up to Rs5 lakhs for 5 years with special tax-saving options under Section 80C. About Fibe Fibe is one of India's leading consumer lending apps focused on young, aspirational, and tech-savvy Indian consumers. It is building a financial ecosystem that enables the mid-income group and the underserved segments to fulfil their financial aspirations. Fibe offers a range of financial products, including cash loans, long-term personal Loans, and Impact loans for sectors like healthcare and education, making affordability more accessible. Fibe offers instant approvals and quick disbursals. Fibe's Tech Arm Social Worth Technologies Private Limited has partnered with Axis Bank to offer a secure, numberless credit card ensuring a seamless user experience. Fibe has grown multifold over the years and emerged as a market leader in providing financial assistance to young middle-income and underserved groups in India. Due to its scalable business model, Fibe has recently been upgraded to A- by CARE Ratings and has access to debt lines from leading banks, NBFCs and wholesale debt markets. It has been certified with ISO/IEC 27001 for its Information Security Management System (ISMS). Fibe has disbursed more than 8 million+ loans worth Rs. 33,000 Cr+ since inception through its lending partners. The company has tied up with more than 8,000 partners to expand its impact and the app has recorded over 34 million all-time downloads. * Winner of BW Festival of Fintech Lending Platform of the Year (Gold) and Fintech Brand of the Year (Silver) * ET Healthcare Awards 2024 - Excellence in Affordable Healthcare Financing * Entrepreneur 2024 Founder Of The Year & Best Innovation in Financial Services * Winner of G20 Digital Innovation Alliance - Best Startup in Fintech Logo:
Time of India
8 hours ago
- Time of India
Factory factor
Times of India's Edit Page team comprises senior journalists with wide-ranging interests who debate and opine on the news and issues of the day. Manufacturing growth isn't keeping up with GDP growth, indicating a problem that needs fixing Taiwan, less than 0.4% the size of China, ensures its safety by making 90% of the world's silicon chips. It's indispensable, hence untouchable in a good way. That's the power of manufacturing. So, when you read India's GDP data for Jan-March, pay attention. The good news is that growth accelerated to 7.4%, better than China's 5.4% in the same quarter. But most of it happened in construction, especially govt-funded projects. Manufacturing grew at a modest 4.8% despite govt's PLI schemes for sectors like electronics and solar equipment, and the front-loading of orders by US importers anticipating Trump tariffs. Apple alone lifted five plane-loads of iPhones in the last week of March. We are now in the third month of this fiscal's first quarter, and given the global uncertainty, it's time to assess manufacturing as a national priority. On paper, it has been govt's focus for years, yet its share in GDP is stagnant – 15% in 2014, 17% now04. Govt's 25% target remains elusive. In China, despite its 4.5x larger economy and five years of 'China+1' sourcing policies, manufacturing accounts for 26% of GDP. India's GDP is projected to grow at 6.5% this fiscal, well below the asking rate of 8% for reducing poverty. Manufacturing is key to the required quantum leap. It's a political necessity to employ youth that GCCs and other white-collar operations can't absorb. After Op Sindoor, it's also a security imperative. A nation of 1.4bn should be making its own drones, planes and missile shield. But assembling iPhones is only a step, not a goal, because it does not give us Taiwan-like manufacturing clout. We need more foreign investment, but also domestic R&D to get ahead in emerging technologies. PLIs won't get us there – half of India's phone-making capacity is unutilised. Tamil Nadu, the lone state where 25% of GSDP comes from manufacturing, got there by actively fulfilling industry needs of manpower, regulation and infra. If TN can do it, so can Gujarat, Maharashtra, UP and others. What's needed is political will. Facebook Twitter Linkedin Email This piece appeared as an editorial opinion in the print edition of The Times of India.
