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ICICI Bank issues 1 million FASTags

ICICI Bank has so far issued over 1 million FASTags, making it the first bank in the country to do so. FASTag is the brand name given to the radio frequency identification device (RFID) tag, which enables automatic deduction of toll charges, without stopping at the toll plaza for a cash transaction. At present, there are 2.5 million such tags in circulation across the country. The bank said in a statement, it is working closely with the ministry of road transport & highways, the National Highways Authority of India and Indian Highways Management Company to cover more highways under the electronic toll collection, or ETC program.  Anup Bagchi, executive director of the bank, said it is also planning to collaborate with key eCommerce portals for increasing the availability of FASTags. The bank has also tied up with over 10,000 fleet, including truck owners and large state transport organizations. The bank undertakes 11 million transactions of the 18 million transactions that are undertaken in a month across the industry through ETC.

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