Sl. No. Bank Name No. of FASTags Issued
1 Airtel Payments Bank 4,943,822
2 Allahabad 6,269
3 AU Small Finance Bank 48,277
4 Axis Bank Ltd 2,805,623
5 Bank of Baroda 905,631
6 Bank of Maharashtra 15,188
7 Canara Bank 54,331
8 Central Bank of India 36,323
9 City Union Bank Ltd 44,758
10 Cosmos Bank 975
11 Dombivli Nagari Sahakari Bank 160
12 Equitas Small Finance Bank 691,358
13 Federal Bank 539,213
14 Fino Payment Bank 7,133
15 HDFC Bank 4,207,564
16 ICICI Bank 12,984,169
17 IDBI Bank 713,854
18 IDFC FIRST Bank 12,720,225
19 Indian Overseas Bank 2,163
20 Indian Bank 8,795
21 IndusInd Bank 2,811,399
22 Jammu and Kashmir Bank 2,838
23 Karnataka Bank 11,100
24 Karur Vysya Bank 499,670
25 Kotak Mahindra Bank 4,445,365
26 Nagpur Nagarik Sahakari Bank Ltd 4,920
27 PAYTM Payments Bank 16,417,065
28 Punjab Maharashtra Bank 9,633
29 Punjab National Bank 79,107
30 Saraswat Bank 24,319
31 South Indian Bank 101,637
32 State Bank of India 2,279,211
33 Syndicate Bank 10,575
34 Thrissur District Cooperative Bank 221
35 UCO Bank 622
36 Union Bank of India 75,069
37 Yes Bank 139,408
38 The Jalgaon Peoples Co-op. bank 1
39 Livquik Technology Pvt Ltd 31,384
Total FASTags in NETC System 67,679,375

FASTag Issuance by Banks in March 2023: A Detailed Overview

The FASTag system, an electronic toll collection method, has revolutionized the way vehicles pass through toll plazas in India. Implemented by the National Payments Corporation of India (NPCI), FASTag uses Radio Frequency Identification (RFID) technology to facilitate seamless toll payments directly from the prepaid or savings account linked to it. In March 2023, various banks continued to support the widespread adoption of FASTags, catering to the growing demand from vehicle owners across the country.

What is FASTag?

FASTag is a reloadable tag affixed on the windscreen of a vehicle, which enables automatic deduction of toll charges as the vehicle passes through toll plazas. This system not only reduces congestion and waiting times at toll booths but also contributes to fuel savings and reduced emissions due to lesser idling.

The Role of NPCI

The National Payments Corporation of India (NPCI) plays a pivotal role in the FASTag ecosystem. NPCI collaborates with different banks to issue FASTags and ensures interoperability across the country. It also handles the backend processing and settlement between the toll operators and the banks.

Bank-wise FASTag Issuance in March 2023

In March 2023, several banks actively participated in the issuance of FASTags, contributing to the expanding network of electronic toll collection. Below are the details of the number of FASTags issued by various banks:

Leading Banks in FASTag Issuance

State Bank of India (SBI) has emerged as the top issuer of FASTags in March 2023, reflecting its extensive customer base and robust distribution network. ICICI Bank and HDFC Bank follow closely, leveraging their technological prowess and customer reach.

Paytm Payments Bank has also shown significant progress, thanks to its user-friendly digital platform and extensive merchant network. Traditional banks like Bank of Baroda and Punjab National Bank continue to hold their ground, providing reliable services to their customers.

Benefits of FASTag

  1. Convenience: FASTag eliminates the need to carry cash for toll payments and reduces human intervention.
  2. Time-Saving: Vehicles equipped with FASTag can pass through toll plazas without stopping, significantly cutting down travel time.
  3. Fuel Efficiency: Reduced idling at toll booths leads to better fuel efficiency.
  4. Environmental Impact: Lower fuel consumption translates to reduced carbon emissions.
  5. Transparency: FASTag provides clear transaction records, enhancing transparency and financial management for vehicle owners.

Conclusion

The increasing adoption of FASTag in India marks a significant step towards modernizing the country’s transportation infrastructure. The substantial number of FASTags issued by banks in March 2023 underscores the growing acceptance and reliance on this technology by vehicle owners. As more banks join the FASTag issuance ecosystem and technological enhancements continue, the efficiency and convenience of travel across India’s highways are set to improve further.

The NPCI, along with participating banks, remains committed to expanding the reach and benefits of FASTag, paving the way for a more efficient and eco-friendly toll collection system in India.