Highways ministry urges RBI to exempt FASTags from KYC norm

Currently, vehicle owners need to give details of the vehicle, including its registration proof, and also relevant documents for individual identity and address to acquire FASTags. This process takes about 5-10 minutes. As per the current norm, once a FASTag is issued, the KYC has to be done within a year. The KYC is done by banking correspondents and going by the market standard, banks spend at least Rs 300 on each case.

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