RBI’s New Rule: Your bank account will be automatically debited to replenish FASTag balance

Fastag Wallet Rule: Many people forget to recharge their Fastag wallet. Due to which they have to pay double the money at the toll. But now this will not happen, because RBI has solved this problem.

Now as soon as the balance in your Fastag wallet falls below the prescribed limit, money will automatically come from your bank account to your Fastag wallet to fulfill it. Due to this, you will not have to recharge the Fastag wallet again and again.

Now Fastag and NCMC (National Common Mobility Card) have been included in the e-mandate framework. Due to which this facility has become available. That is, now Fastag and National Common Mobility Card users will get rid of the hassle of repeatedly putting money in these two payment instruments. Also, there is a facility of automatic money coming in Fastag. Due to which the hassle of manually putting money in the wallet of Fastag users has stopped. RBI has modified the e-mandate framework and has approved automatic deposit of money in Fastag and National Common Mobility Card (NCMC).

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What is Fastag?

This is a kind of sticker or tag which is placed on the window screen of vehicles. It works on Radio Frequency Identification or RFID technology. Through which the cameras installed at the toll plaza will scan the bar code of the sticker and the toll fee will be automatically deducted from the Fastag wallet. By using this, the driver will not have to stop to pay the toll tax.

What is e-Mandate Framework?

It was introduced in the year 2019. Its purpose is to protect the customers. Also, to inform the customers about the debit coming in their account. Under the e-mandate framework, it is necessary to inform the customer at least 24 hours before withdrawing the money. E-mandate means electronic approval for payment, payment from the customer’s account at a fixed time for fixed period facilities like daily, weekly, monthly etc. For this mechanism, the user has to give permission to debit money once through e-mandate.

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