New Delhi: The State Bank of India has introduced a new FASTag design which is aimed at addressing the misuse of smaller vehicle tags on larger vehicles to avoid higher toll charges. This updated FASTag is specifically designed for Vehicle Class-4 (VC-04) which encompasses cars, jeeps and vans, as reported by Economic Times. The new tag has been available since August 30, 2024.
Why Was the New FASTag Design Introduced?
The new FASTag design was introduced to address the issue of incorrect tags being used on higher-class vehicles like trucks. The misuse of VC-04 tags on these larger vehicles has been causing financial losses for toll plazas, the Economic Times quoted SBI as saying. The updated design aims to make it easier to identify vehicle classes, allowing toll staff to quickly address any misclassifications and prevent revenue loss, as per the report.
On August 30, 2024, SBI introduced several new products. Among them is India’s first MTS card, the MTS RuPay NCMC prepaid card. This card offers a convenient offline payment option for various transit services, including metro rails, buses, ferries, tolls, and parking.
SBI also launched the OneView mobile application. This app allows customers to easily manage their NCMC prepaid cards, including topping up, tracking, and overseeing their usage all from one platform.
“The Nation First MTS Card, issued without the need for KYC verification, along with the OneView app, streamlines card management, making it easier for users to top-up without the need to visit metro or bus counters,” said Mahesh Kumar Sharma, Deputy Managing Director of Transaction Banking and New Initiatives at SBI.