SBI partners AISECT for nationwide roll-out of electronic toll collection
29 December 2016
The State Bank of India (SBI) has teamed up with Bhopal-based skill development organisation, AISECT, for the roll-out of electronic toll collection (ETC) project across the country, which will enable seamless travel across national highways.
AISECT, which has won the tender for the National Highway Authority of India (NHAI) project following a multi-agency pitch, will be responsible for the nationwide sale and recharge of SBI's prepaid account `FASTag', which will be used for toll collection across national highways.
The ETC project is being spearheaded by the NHAI in order to facilitate the `Digital India' movement and enable seamless traffic on the national highways.
Currently, there are 370 toll plazas across the national highways where the ETC facility is available. SBI FASTag is a rechargeable tag that allows automatic deduction of toll charges so as to allow people to pass through the toll plaza without waiting for cash transaction.
The tag is fixed on the vehicle's windscreen and uses Radio-frequency Identification technology to connect to a prepaid account from which the requisite toll amount is deducted.
AISECT, which is a national business correspondent for SBI under the financial inclusion scheme and has successfully established over 4,000 banking kiosks in rural parts of India since 2009, will offer the sale and recharge of SBI FASTag through the AISECT-SBI Banking Kiosks nationally.
The organisation will also utilise its widespread network of over 23,000 skill knowledge provider centres located across 29 states and 3 union territories for the execution of the ETC project. AISECT is also planning to set up booths at the toll plazas where their agents will execute the sale and recharge of the tags.
As per AISECT's associate general manager (services and financial inclusion) Anurag Gupta, ''In a bid to follow directives of the Government of India, we have joined hands with the State Bank of India to sell SBI FASTag through our centres across the country. It shall be our endeavor to fulfill the aspirations of the government towards a cashless economy and we shall extend our 100 per cent cooperation for the success of this movement.''
AISECT is planning to start the roll-out process within the next couple of days. The cost of the SBI FASTag will be Rs150 and a 10 per cent discount will be available to those who would pay the toll charges through ETC mode. The tag can be used for car, jeep, van, mini light commercial vehicle and heavy construction machinery/ earth moving equipment. SBI FASTag will work at all the e-toll plazas, even if a toll plaza is partnered with another bank.
The National Payments Corporation of India (NPCI) will run this initiative and will be responsible for payment settlement between various banks involved in the ETC project.