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Axis Bank partners with NHAI for e-Toll project

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Pune (Oct 31, 2014): Axis Bank, India’s third largest private sector Bank, has partnered with IHMCL (Indian Highways Management Company Limited), a subsidiary of NHAI (National Highways Authority of India) to launch Electronic Toll Collection (ETC) facility. A dedicated ‘FasTag Lane’ at all toll plazas across national highways in the country will be enabled to accept cashless toll payment through RFID tags on the windshield of vehicles.

Shri Nitin Gadkari, Hon’ble Minister of Road Transport and Highways, Shipping inaugurated the facility and Shri V Srinivasan, ED – Corporate Banking, Axis Bank graced the occasion.

With the launch of Electronic Toll Collection (ETC) Program by IHMCL in partnership with Axis Bank, all toll plazas, across country, on national highways will have a dedicated lane for electronic toll collections. These collections will be through RFID tags on the windshield of the vehicle. These tags will be branded as ‘FasTag’ and dedicated ETC lanes will be known as ‘FasTag Lane’. Users, with FasTag will now be able to cruise through the toll plazas without the hassle of stopping and paying cash. It will improve the average time of travel and will make the journey smoother.

Speaking on the occasion, Shri V Srinivasan, ED – Corporate Banking, Axis Bank said, “National highways in the country have seen substantial improvement in terms of the quality of roads and the overall road network. With the objective of providing an efficient and speedy customer experience, highway users will now be able to drive through the toll plazas without the hassle of stopping for paying cash using the FasTag. FasTag uses state of the art technology to identify, collect and manage toll collections at plazas through the country.  We believe that Axis Bank's partnership with IHMCL in offering this facility will help redefine process of toll collections in the country and make the collection infrastructure at par with the best in the world.”

Toll plaza operators will also stand to benefit as they would not be required to handle cash and will have less stress of handling peak hour traffic congestions.

Axis Bank will bring its expertise of managing an interoperable clearing system and an extensive network of its branches/agents. Axis Bank’s interoperable clearing system will allow users to use the same FasTag at all 350 toll plazas on national highways. Users can buy and recharge FasTags online or at Axis Bank’s network. Users will also be receiving value added services and a dedicated 24x7 call center to make road journeys convenient.