Tourism Development Council Manali & IDFC FIRST Bank launch first ever FASTag-based Green Tax payment

• Tourists at Manali entry point can now pay Green Tax digitally using FASTag balances
• IDFC FIRST Bank is today the largest acquirer, servicing over 400 toll plazas, and has issued close to six million FASTags; transactions by motorists using the Bank’s tags average about two million a day

Manali/Mumbai, February 10, 2022: The Tourism Development Council Manali, Himachal Pradesh, and IDFC FIRST Bank today launched payment of Green Tax using FASTag. This is the first time FASTag balances are being used to pay Green Tax in the country, making such payments cashless and convenient for motorists at Manali. So far, FASTag has been used for payment of toll, fuel and parking charges.

IDFC FIRST Bank has been selected by the Tourism Development Council Manali as the acquirer bank. Himachal Pradesh is visited by 5 million tourists every month.

Speaking on the partnership, B. Madhivanan, Chief Operating Officer, IDFC FIRST Bank, said, “India is at a new frontier when it comes to digitisation of transit-related payments. We have constantly evolved FASTag to make payments simpler and faster for motorists. We have extended the benefits of RFID technology to payments for fuel and parking using FASTag. We are pleased to partner the Tourism Development Council Manali to introduce FASTag for the first time for payment of Green Tax, making it cashless. This will reduce stoppage time and provide motorists an effortless cross-over at Manali.”

IDFC FIRST Bank is today the largest acquirer servicing over 400 toll plazas and has issued close to six million FASTags; transactions by motorists using our tags average about two million a day.

Ashutosh Garg, Deputy Commissioner, Kullu said, “Introduction of FASTag facility for Green Tax collection is an initiative of Distt. Administration and TDC Manali along with IHMCL, NPCI and IDFC FIRST Bank to facilitate seamless transactions, reduce human interface and save time as well as to encourage digital transactions.”

The FASTag program was jointly launched by the National Highway Authority of India (NHAI), Indian Highways Management Company Ltd (IHMCL) and National Payments Corporation of India (NPCI) as a medium to accept toll fare across all National Highway plazas. Banks act as issuers and acquirers in this ecosystem which processes close to seven million transactions a day. FASTags are accepted across all national highway toll plazas and select state highways. The latest count of active toll plazas was around 900.

IDFC FIRST Bank is an acquiring bank and enables payments via FASTag at close to 412 toll plazas and 15 parking locations. The Bank leads FASTag usage in the commercial vehicle space and is the preferred tag for long haul trucks.

About IDFC FIRST Bank

IDFC First Bank was formed by the merger of erstwhile IDFC Bank, promoted by renowned infrastructure financing institution IDFC Ltd. and leading technology NBFC, Capital First. IDFC FIRST Bank, has a balance sheet of Rs. 1,74,232 crore, and has provided over 30 million loans in its combined history and serves customers in over 60,000 villages, cities and towns across the length and breadth of the country. The bank believes in making customer-first products, and was the first universal bank to offer monthly interest credit on savings accounts, life time free credit cards with dynamic and low APR rates, and many other such interesting products.

The Bank’s vision is to build a world class bank in India, guided by ethics, powered by technology, and to be a force for social good. Our mission is to touch the lives of millions of Indians in a positive way by providing them high-quality banking services.

In a short time, the Bank has expanded to 599 branches, 201 asset service centres, 727 ATMs and 620 rural business correspondent centres across the country, a next-generation net and mobile banking platform and 24/7 Customer Care services, and is incrementally growing digitally. IDFC FIRST Bank is committed to bring high quality banking at affordable rates to India. The Bank also offers high quality technology-enabled corporate banking solutions, contemporary cash management solutions, fleet card and fastag solutions and wealth management solutions.