Banks appeal against lowering of fees to run FASTag services

11 Aug 2022 CW Team

Banks have asked the National Highways Authority of India (NHAI) to revert to the previous higher FASTag project management fee (PMF) to ensure its viability for the issuer bank.

In a set of recommendations sent by the Indian Banks’ Association (IBA) and also individually by several private and state-run banks to the Ministry of Road Transport and Highways (MoRTH) and NHAI, banks have asked the highways authority to revert to the earlier interchange PMF of 1.50%. The banks want the higher PMF to continue for at least two more years till 31 March 2024.

The government has introduced a mandatory FASTag programme nationally under which all toll collection on highways has been automated. Participating banks issue FASTags, and the toll is collected from an individual’s account whenever a vehicle crosses toll plazas on highways. More than 95% of highway toll is collected through FASTags.

In their representation, banks have reportedly said that a reduction of interchange fee from 1.5% to 1% will lead to 31% reduction in the income from the NETC FASTag business, affecting the viability of the project for the banks. NHAI had reduced PMF to 1% effective April 1, 2022.

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