According to a media report, FASTags can soon be used to pay for fuel on highways. The new version of FASTag is believed to be called FASTag 2.0 and the IDFC First Bank is the first bank to get approval from the RBI for this.
The government of India is pushing FASTags to promote cashless transactions. According to the report, from December 1, 2019, FASTags will be compulsory for all vehicles and all lanes except one at toll plazas will be converted to accept electronic payments.
Reports suggest that the government has also proposed to integrated FASTag with the GST Network.
At present, there are 22 banks that issue FASTags, including ICICI, SBI and PayTM Bank. The total number of toll plazas on national highways is said to be around 450.
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