ÑDz©ÌåÓý¹ÙÍøÊ×Ò³

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.See also: NHAI directed to repair Kerala highways within a week Land acquisition done for Mohali’s Airport Road-Kharar linkway