{"id":1477,"date":"2018-08-08T13:39:30","date_gmt":"2018-08-08T13:39:30","guid":{"rendered":"http:\/\/financeintellect.com\/home-page\/home\/?p=1477"},"modified":"2018-08-08T13:39:46","modified_gmt":"2018-08-08T13:39:46","slug":"icici-bank-crosses-milestone-of-issuing-over-1-million-fastags","status":"publish","type":"post","link":"https:\/\/financeintellect.com\/home-page\/home\/icici-bank-crosses-milestone-of-issuing-over-1-million-fastags\/","title":{"rendered":"ICICI Bank crosses milestone of issuing over 1 million FASTags, first bank in the country to do so"},"content":{"rendered":"<p class=\"m_-3228964694228660134m_1794870037587605348MsoPlainText\"><span lang=\"EN-IN\">ICICI Bank, India\u2019s largest private sector bank by consolidated assets, announced that it has crossed a milestone of issuing over 1 million FASTags, making it the first bank in the country to achieve this feat. The achievement assumes more significance, as currently there are a total of 2.5 million tags in circulation across the country.\u00a0 FASTag is the brand name given to the Radio Frequency Identification Device (RFID) tag, which is affixed on the windscreen of the vehicle. It is a simple to use, reloadable tag which enables automatic deduction of toll charges and lets you pass through the toll plaza without stopping for a cash transaction.<u><\/u><u><\/u><\/span><\/p>\n<p class=\"m_-3228964694228660134m_1794870037587605348MsoPlainText\"><span lang=\"EN-IN\"><u><\/u>\u00a0<u><\/u><\/span><span lang=\"EN-IN\">ICICI Bank is by far the leader in the Electronic Toll Collection (ETC) market in terms of value and the number of transactions.\u00a0 It undertakes 11 million transactions of the 18 million transactions that are undertaken in a month across the industry. ICICI Bank has played a pioneering role in implementing the inter-operable ETC platform on national highways in association with the Ministry of Road Transport &amp; Highways.<u><\/u><u><\/u><\/span><\/p>\n<p class=\"m_-3228964694228660134m_1794870037587605348MsoPlainText\"><span lang=\"EN-IN\"><u><\/u>\u00a0<u><\/u><\/span><span lang=\"EN-IN\">Speaking about the achievement,\u00a0<\/span><span lang=\"EN-IN\">\u00a0Anup Bagchi, Executive Director, ICICI Bank<\/span><span lang=\"EN-IN\">\u00a0said, &#8220;We at ICICI Bank take great pride in being associated with the implementation of Electronic Toll Collection (ETC) on national highways across the country. We were the first bank in the country to launch this innovative service on the Mumbai \u2013 Vadodara corridor and have successfully set benchmarks that are now being leveraged to create national standards for inter-operability between all banks. The growing popularity of ETC has enabled us to cross the milestone of issuing 1 million \u2018FASTags\u2019&#8221;.<u><\/u><u><\/u><\/span><\/p>\n<p class=\"m_-3228964694228660134m_1794870037587605348MsoPlainText\"><span lang=\"EN-IN\"><u><\/u>\u00a0<u><\/u><\/span><span lang=\"EN-IN\">The ETC platform allows motorists to pay at multiple toll plazas acquired by the Bank using a single \u2018FASTag\u2019. Currently, the bank handles 210 toll booths on both state and national highways which is more than half of the total number of booths that are currently operational under the ETC programme. The national highways wherein ETC is operational include the \u2018Golden Quadrilateral\u2019, the\u00a0North-South and East-Westcorridors that comprises almost 70 per cent of the country\u2019s road traffic.<u><\/u><u><\/u><\/span><\/p>\n<p class=\"m_-3228964694228660134m_1794870037587605348MsoPlainText\"><span lang=\"EN-IN\"><u><\/u>\u00a0<u><\/u><\/span><span lang=\"EN-IN\">In a bid to scale up operations even further, the Bank has tied up with over 10,000 fleet including truck owners and large state transport organisations. It has been reaching out directly to fleet operators at various transport hubs like Namakkal, Warangal, Gandhidham, Vapi, Delhi, Manesar, JNPT, Hubli and Kanpur among others to spread awareness on the usage of FASTags. The bank has also deployed 500 trained and dedicated personnel across the country to help sell fix and resolve queries of customers, thereby ensuring a seamless implementation of the ETC platform. Individual retail customers can buy a new FASTag from the Bank\u2019s website and can also load the tag digitally using the Bank\u2019s internet banking, UPI and NEFT platforms. Additionally, the Bank has tied up with various leading commercial vehicle manufacturers to increase its penetration right from the manufacturing base and also undertakes many outreach programmes like health camps and safety awareness programmes for drivers.<u><\/u><u><\/u><\/span><\/p>\n<p class=\"m_-3228964694228660134m_1794870037587605348MsoPlainText\"><span lang=\"EN-IN\"><u><\/u>\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>ICICI Bank, India\u2019s largest private sector bank by consolidated assets, announced that it has crossed a milestone of issuing over 1 million FASTags, making it the first bank in the country to achieve this feat. The achievement assumes more significance, as currently there are a total of 2.5 million tags in circulation across the country.\u00a0 [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":1478,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[31],"tags":[876,874,878,877,879,875,34],"class_list":["post-1477","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-electronic-toll-collection-etc","tag-fastags","tag-internet-banking","tag-ministry-of-road-transport-highways","tag-neft","tag-radio-frequency-identification-device-rfid","tag-upi"],"aioseo_notices":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>ICICI Bank crosses milestone of issuing over 1 million FASTags, first bank in the country to do so - 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