Daijiworld Media Network – Mumbai/New Delhi
Mumbai/New Delhi, Feb 2: In a major relief to motorists, the Know Your Vehicle (KYV) verification requirement for FASTag has been withdrawn with effect from February 1, with banks now tasked with verifying vehicle details at the time of FASTag issuance.
The change is among several finance-related and regulatory updates that have come into force this month, impacting banking customers and taxpayers nationwide.
The National Highway Authority of India (NHAI) has officially discontinued the KYV process for new FASTag issuances, making it easier for four-wheelers to obtain FASTags. Under the revised system, banks alone will verify vehicle details during activation, eliminating the need for post-issuance KYV checks.
“This reform will bring significant relief to lacs of common road users who were facing inconvenience and delays after FASTag activation due to post-issuance KYV requirements, despite having valid vehicle documents,” an official government release said.
Clarifying further, the release stated, “For existing FASTags already issued to cars, KYV will no longer be mandatory as a routine requirement. KYV will be required only in specific cases where complaints are received, such as issues related to loose FASTags, incorrect issuance, or misuse. In the absence of any complaint, no KYV will be required for existing car FASTags.”
Banking changes from February
Alongside the FASTag reform, major banks including SBI, HDFC Bank, ICICI Bank and Punjab National Bank (PNB) have announced changes to service charges, card benefits and compliance requirements, particularly affecting IMPS transactions, reward points and KYC norms.
For State Bank of India (SBI) customers, revised charges on online IMPS transactions will be implemented from February 15. A fee of Rs 2 plus GST will apply for transactions above Rs 25,000 up to Rs 1 lac. Transactions between Rs 1 lac and Rs 2 lac will attract a charge of Rs 6 plus GST, while those above Rs 2 lac and up to Rs 5 lac will be charged Rs 10 plus GST.
HDFC Bank has revised the reward points redemption policy for its Infinia Metal Credit Card. Announcing the change on its website, the bank said, “With effect from February 1, reward points on your Infinia credit card can be redeemed up to a maximum of five times per month.”
Meanwhile, Punjab National Bank (PNB) has advised customers to update their KYC details in accordance with RBI guidelines by February 2, failing which banking services could be impacted.
With these changes taking effect, customers are advised to stay informed to avoid disruptions and make the most of revised banking and digital payment norms.