Money & Banking

ICICI Bank launches system for toll collection

| Updated on: Apr 19, 2012

ICICI Bank launched the first electronic toll collection on National Highway 1.

The Bank said the project was initiated by the Ministry of Road, Transport & Highways. Toll operators would issue RFID (radio frequency identification device) tags to commuters to be read at the toll plazas. Through the system, the commuters will get a convenience of payment without stops at toll plazas, which would lead to less traffic congestion.

The Bank will make the tag interoperable so that it can be used across several toll-collection plazas on the Highway. The Bank will act as a central clearing house for settlement of financial transactions of the toll agencies and update the tag accounts of commuters. This will help minimise toll operators' operating cost and offer them better control through centralised user accounts. Additionally, the Government will benefit through improved transparency on toll transactions and reduced revenue leakages.

Published on November 15, 2017

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