Money & Banking

SBI introduces cashless drive through toll plazas

G Naga Sridhar Hyderabad | Updated on January 11, 2018 Published on May 23, 2017

toll

State Bank of India (SBI) has launched a cashless drive through toll plaza product for its customers here.

The product, christened SBI Fastag, is a card that works on Radio Frequency Identification (RFID) technology. Money can be loaded on the card. It is affixed on the windscreen of the vehicle and enables it to drive through toll plazas without stopping for cash transactions by allowing auto debit of toll amount from the card balance.

While formally launching Fastag, Neeraj Vyas, Deputy Managing Director and Chief Operating Officer, SBI, said the facility is currently operational in about 350 toll plazas across the national highways.

SBI Hyderabad circle has so far issued 6,300 Fastags. The system is interoperable and the same Fastag can be used across all toll plazas under the national Electronic Toll Collection programme, according to Hardyal Prasad, Chief General Manager, SBI, Telangana Circle.

The benefits of Fastag include 7.5 per cent cashback for all transactions up to March 31, 2018, easy recharge, top-up through authorised agencies, and customer care facilities.



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Published on May 23, 2017
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