Many users fail to recharge their Fastag wallets, and as a result, they are charged double at toll plazas. However, the Reserve Bank of India (RBI) has made it easy. In case the Fastag balance is low, it automatically debits money from the linked bank account to Fastag. This means that you do not have to be constantly recharging it physically over and over again.
What is Fastag?
Fastag is a device in the shape of a sticker that must be fixed on the car’s windshield. It contains an electronic wallet which can be accessed by toll plaza cameras and the toll is automatically charged from your wallet. This way, you can pass through tolls without getting down to pay.
Fastag E-Mandate?
Since the onset of 2019, the e-mandate system also assists in safeguarding your money while also ensuring you are updated. You will be notified in advance at least 24 hours before deducting any amount from your account. In e-mandates, you provide one-time electronic authorisation for deductions that are made on a daily, weekly, or monthly basis.
Fastag and National Common Mobility Card
Many people are not aware that Fastag and the National Common Mobility Card (NCMC) are now part of the e-mandate system. This new feature ensures that you do not have to spend time and effort thinking about how to top up these payment tools. With the help of auto recharge, the funds will be replenished in the Fastag wallet without your intervention. To ensure this auto-recharge function runs properly, the RBI has revised the e-mandate guidelines.
Conclusion
The latest feature on the RBI makes it easier and hassle-free to operate your Fastag wallet. This means, less inconvenience and free moving through tolls.
Forgot to recharge your FasTag? No worries, as now you can auto- update your FasTag wallet and get to move without any delay. Biz News Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
