[rakesh_r]

Both my cars have fasttags issued by IDFC bank, got the KYC done through their website and app, process was pretty quick and simple.

[itwasntme]

Originally Posted by rakesh_r

Both my cars have fasttags issued by IDFC bank, got the KYC done through their website and app, process was pretty quick and simple.

Same here with my ICICIB & Kotak tags. Literally 5 minutes each to upload; not expecting any validation failures either, especially with the former which was Aadhaar authentication-enabled.

[rakesh_r]

Originally Posted by itwasntme

Same here with my ICICIB & Kotak tags. Literally 5 minutes each to upload; not expecting any validation failures either, especially with the former which was Aadhaar authentication-enabled.

In my case, my aadhaar and Driving license were pulled from Digi locker.

[Aviator_guy]

Just wanted to share my feedback regarding KYC. I have experience with ICICI and KVB bank for two of my cars.

I applied for ICICI tag using netbanking (account name and car owner was same) and did not need to go thru separate KYC process. It considered my bank account KYC and I got the tag delivered to me within a week's time, with no separate KYC requirement in future, since it is linked to my bank account. So if anyone has a fastag already linked to bank account, there is no need for separate KYC.

Now coming to other scenario - During new car purchase, dealer did not have tie up with my choice of bank and there was not enough time for me to get tag of my choice. So I had to go with dealer choice which was a bank called KVB. After I received the RC card from RTO after couple of months, I simply walked into nearest branch and submitted a hand written application along with PAN and address proof. My full KYC and car registration number was updated within couple of days.

My point is that it is not so difficult to do KYC for straight forward cases. The enforcement may irk some of us, specially someone with multiple tags for same car or name mismatch with KYC documents.

[DriverLess]

Originally Posted by itwasntme

Same here with my ICICIB & Kotak tags. Literally 5 minutes each to upload; not expecting any validation failures either, especially with the former which was Aadhaar authentication-enabled.

I'm confused on the ongoing Fastag KYC requirement.

I had applied for Paytm Fastag, but they never delivered it and ultimately refunded money and closed it. Now, I've ICICI Fastag active and have not received any message. ICICI Fastag website shows my status as *Min-KYC*. Do I need to do anything before Jan-31st ? Also, I do see KYC documents option on ICICI Fastag portal, but it is read only (no option to upload anything).

[carboy]

Originally Posted by 007maverick

Through Fasttag - authorities can trace the routes where the vehicle has travelled (by looking into toll payments) in case the need arises This could be the reason they don't allow it for multi usage.

That's the only reason for this stupid KYC - it's nothing to do with Financial Product etc. They are mandating Fastag & KYC for Fastag for surveillance rather than for any other reason. Most countries don't mandate even Fastag forget KYC for fastag. Cash is always accepted if you want to pay by Cash. Whereas several tollbooths in India don't accept cash which is Govt issued legal tender.

[itwasntme]

Originally Posted by DriverLess

ICICI Fastag website shows my status as *Min-KYC*. Do I need to do anything before Jan-31st ? Also, I do see KYC documents option on ICICI Fastag portal, but it is read only (no option to upload anything).

No, you do not need to do anything further. Your KYC is at the baseline level, i.e. "Minimum KYC" level and that is all that is required.

There are certain restrictions like monthly wallet top-up ceiling at 10K INR as far as I know, but those are meaningless unless you are using it for fuel transactions, major parking charges etc.

However, if you do "Full KYC", I believe the monthly wallet top-up ceiling becomes 200K INR. But no personal experience in this matter.

[Aviator_guy]

Originally Posted by DriverLess

I'm confused on the ongoing Fastag KYC requirement.

I had applied for Paytm Fastag, but they never delivered it and ultimately refunded money and closed it. Now, I've ICICI Fastag active and have not received any message. ICICI Fastag website shows my status as *Min-KYC*. Do I need to do anything before Jan-31st ? Also, I do see KYC documents option on ICICI Fastag portal, but it is read only (no option to upload anything).

Originally Posted by itwasntme

No, you do not need to do anything further. Your KYC is at the baseline level, i.e. "Minimum KYC" level and that is all that is required.

There are certain restrictions like monthly wallet top-up ceiling at 10K INR as far as I know, but those are meaningless unless you are using it for fuel transactions, major parking charges etc.

However, if you do "Full KYC", I believe the monthly wallet top-up ceiling becomes 200K INR. But no personal experience in this matter.

AFAIK, min-KYC has limited life and that's why many tag owners get reminders for KYC. This usually happens with new car as the dealer just get the tag issued with PAN and car chassis number. Later the owner is supped to submit full KYC documents like RC copy and address proof to comply with the RBI guidelines.

[itwasntme]

Originally Posted by Aviator_guy

AFAIK, min-KYC has limited life and that's why many tag owners get reminders for KYC. This usually happens with new car as the dealer just get the tag issued with PAN and car chassis number. Later the owner is supped to submit full KYC documents like RC copy and address proof to comply with the RBI guidelines.

I'm not an expert but I believe Minimum KYC does not have a defined shelf life. I had used my Octavia between 2016 & 2021 with min KYC with no reminders at all.

What does need to be done for new cars (and now all old card) is to supplement the dealer-entered PAN and chassis number with the RC/Smartcard, registered mobile number linkage with OTP and an official document like Aadhaar, DL, Voter ID etc. Most folks have not done this either, and that is what is getting enforced by 31 January.

For Full KYC, you additionally need: Copy of valid Address Proof, Copy of valid ID Proof or PAN card and a passport size photo (coloured/black & white)

[Aviator_guy]

Originally Posted by itwasntme

I'm not an expert but I believe Minimum KYC does not have a defined shelf life. I had used my Octavia between 2016 & 2021 with min KYC with no reminders at all.

Some folks I know had min-KYC and their tag got blacklisted after a certain period. They were asked to carry out re-KYC by their tag issuers.

[binand]

Originally Posted by carboy

They are mandating Fastag & KYC for Fastag for surveillance rather than for any other reason.

I used to think this, and therefore delayed my own Fastag adoption by a year or so. The idiocy of this line of thinking will be clear when takes into consideration that only about 10-15% of the roads of the country are tolled. And in those tolled roads, the vehicle registration plate was photographed and recorded long before Fastag came into being.

As far as surveillance is concerned, we all carry a tracker in our pockets. Any information about our movements, they just need to ask the right one of the two MNCs.

If Fastag was introduced to be a surveillance tool, it has to be the most expensive one of its kind with the least reliability.

[Aviator_guy]

Just came across this news which mentions about process for KYC update.

[carboy]

Originally Posted by binand

And in those tolled roads, the vehicle registration plate was photographed and recorded long before Fastag came into being.

Methods get upgraded all the time. First was photograph, next is Fastag, then Fastag with KYC, next will be GPS toll.

Originally Posted by binand

As far as surveillance is concerned, we all carry a tracker in our pockets.
Any information about our movements, they just need to ask the right one of the two MNCs.

Technically that requires a warrant or to label you a terrorist.
Also, nobody said there has to be only one tracker. There is also street cameras all over the place. There is software which links together all these different forms of tracking.

Anyway, while saying all this, you haven't really given any explanation for why a fastag needs to be tied to a car and a person?

[Aviator_guy]

Originally Posted by carboy

Anyway, while saying all this, you haven't really given any explanation for why a fastag needs to be tied to a car and a person?

Please refer to my earlier post https://www.team-bhp.com/forum/stree...ml#post5700512 (FASTag: All you need to know about procuring & using it!)

Hope this can offer some explanation in addition to what many other BHPians have already tried to explain with regards to banking KYC regulations.

I guess the idea is to streamline the toll system as much as possible and avoid scenarios where people with duplicate tags/ no tags/issue with their tag hold up the line and cause unnecessary inconvenience to other folks in the queue for no fault of theirs. I still observe people picking up arguments with toll operators for cash or tag related issues Only if they could have taken some efforts to rectify their tag issues instead of arguments, world would have been a better place!

[binand]

Originally Posted by carboy

Anyway, while saying all this, you haven't really given any explanation for why a fastag needs to be tied to a car and a person?

I never promised anyone any explanation. I only pointed out the incongruity in assigning surveillance motifs to the Fastag initiative and treating it with scepticism, yet at the same time carrying a much more sophisticated surveillance device on one's person 24x7 - thinking it would need a warrant or terrorist label to retrieve that data (what exactly are the cyber cells doing, then? Press report of any investigation these days carry variants of this: "the team sifted through phone records of thousands of people to zero in on the suspects" - surely not obtained through warrants!).

But since you ask me - I think:

1. Fastag needs to be tied to a vehicle because if not, it is prone to misuse - that is, use tags meant for vehicles that qualify discounted toll on vehicles that don't (vehicles that qualify for discounted toll: RC address within a certain radius of a toll booth, vehicle owner is differently abled or someone exempted from paying toll, tag issued to lower toll class vehicle used in higher class, multiple trip discounts...).

2. Fastag needs to be tied to a person because they are issued by banks and current banking regulations require relationships to undergo the defined KYC process. The defined KYC process came into existence because of worldwide concern about money laundering, drug money entering banking system, terror funding etc. It came out of this document: https://www.bis.org/publ/bcbs85.pdf - and as far as I can tell, non-compliance can be a reason a country could be placed on FATF grey list.