New Delhi: ICICI Bank is aiming to facilitate 30 lakh transactions through its interoperable electronic toll collection facility on national highways by March 2017.
Electronic toll collection (ETC) enables vehicles to pay highway tolls electronically without stopping at toll plazas.
The country’s largest private sector lender, also the first bank to have rolled out the facility, is also planning to issue 4 lakh tags to motorists to allow them a hassle-free passage through toll plazas on the national highways.
“ICICI Bank aims to issue 4 lakh ETC tags and record three million transactions by March 2017. A vehicle with the ‘FASTag’ can use the dedicated lanes on either side of the toll plaza to avoid long queues in the cash lanes of the toll plazas,” its managing director and chief executive officer Chanda Kochhar said.
ETC tags enhance convenience for motorists to avoid congestion at toll booths as drivers don’t have to stop and pay the fee, saving their time.
Keeping in view its benefits, this technology will play a crucial role in the growth of cashless payments in India, Ms Kochhar said.
Currently, there are 343 ICICI Bank enabled locations across major national highways that cover about 90 per cent of the tolled national highways network.