Soon FASTag may be used to buy insurance, pay challans
You may soon be able to use your vehicle's
FASTag
to pay
traffic challans
, parking fee,
insurance premium
and for
EV charging
, in addition to
highway tolls
. With nearly 11 crore FASTags issued by banks, the govt is exploring ways to expand its use as a flexible payment tool.
To take this forward and firm up the next phase of FASTag growth, the road transport and highways ministry and the
NHAI
on Wednesday held a brainstorming workshop with top officials from the finance ministry and fintech firms. Road transport minister Nitin Gadkari said through collaboration with fintechs and other stakeholders, the govt aims at expanding the utility of FASTag into a robust platform that will 'enhance user convenience, streamline transport and mobility services'.
Sources said road transport secretary V Umashankar said while FASTag has largely introduced manless tolling and eliminate barriers this can be used for other purposes linked to vehicles, such as paying for fuel,
insurance
premium and traffic challan, as the govt has enforced the 'one vehicle, one tag' rule.
On the prospect of allowing insurance companies to issue FASTag to increase coverage of insured vehicles from 50% to 75%-90% in three years, the secretary said this is possible but there is a need to cleaning the 'Vahan' database, which has around 7.5 crore inactive vehicles.
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Time of India
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- Time of India
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Time of India
2 hours ago
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Lessons from space can help Indian auto leap ahead, says Pawan Goenka
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You're risking your life for what? There's no excuse. It's not a technology issue; it's a societal one.' EV Adoption: From promise to pragmatism Goenka was candid about the electric vehicle (EV) adoption journey in India. 'Three-wheelers led the charge because it made direct economic sense — more earnings, lower running costs. Mahindra's Treo helped create that ecosystem. Two-wheelers followed due to aggressive startup activity and affordability. But four-wheelers and commercial vehicles? OEMs just didn't back them early enough.' He believes momentum is finally picking up, thanks to improving products and falling battery costs. The average price of lithium-ion cells dropped by nearly 14% in 2023 globally, according to BloombergNEF, making EVs more competitive with ICE vehicles. 'New launches like the Tata BE.9, Maruti's eVX, and upcoming Korean models are changing the landscape. Once these vehicles become mainstream, adoption will accelerate. I drive a BE.9 myself — it's a joy. 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Business Standard
4 hours ago
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