Equitas Small Finance Bank Partners with MSRDC and Ocean Highway Facilities & Solutions Pvt. Ltd. for country's 1st FASTag powered truck terminal at Khalapur, Maharashtra

Equitas Small Finance Bank has partnered with Maharashtra State Road Development Corporation Limited (MSRDC) and Ocean Highway Facilities and Solutions Pvt Ltd. for launching country's first FASTag powered truck terminal at Khalapur, Maharashtra on the Yashwantrao Chavan Mumbai - Pune Expressway. The terminal has a capacity of 160 trucks, which can be parked in at any given point in time. At this juncture more than 350 trucks visit the terminal in a day.

National Payments Corporation of India (NPCI) has developed the National Electronic Toll Collection (NETC) program to meet the electronic tolling requirements of the Indian market. It offers an interoperable nationwide toll payment solution including clearing house services for settlement and dispute management. Interoperability, as it applies to National Electronic Toll Collection (NETC) system, encompasses a common set of processes, business rules and technical specifications which enable a customer to use their FASTag as payment mode on any of the toll plazas irrespective of who has acquired the toll plaza. From 26th January 2021, FASTag is compulsory on the Mumbai - Pune expressway, and the parking plaza is just one km away from the terminal.

FASTag is a device that employs Radio Frequency Identification (RFID) technology for making toll payments directly while the vehicle is in motion. FASTag (RFID Tag) is affixed on the windscreen of the vehicle and enables a customer to make the toll payments directly from the account which is linked to FASTag.

FASTag offers the convenience of cashless payment along with benefits like - savings on fuel and time as the customer does not has to stop at the toll plaza.

Mr. Murali Vaidyanathan, President & Country Head - Branch Banking, Liabilities, Product & Wealth, Equitas Small Finance Bank Limited said, "Equitas has been one of the early adopters of FASTag in the country. We have been pioneer in steering this new technology adoption along with NPCI and IHMCL/ NHAI. With this launch of India's 1st FASTag powered Truck Terminal we hope to ease out the change management issues faced by the terminal operators as well as making life easier for the truck owners and fleet owners by facilitating Cashless transactions for them."

Speaking on this partnership, Mr. Radheshyam Mopalwar, Vice Chairman & Managing Director, MSRDC said "It has been consistent endeavor of MSRDC to ensure seamless and safe digital transactions on the toll plaza's. The latest initiative on the Yashwantrao Chavan Mumbai-Pune Expressway is a step in that direction. Our objective is to ensure congestion-free toll places and hassle free vehicular movement."

Mr. Denny Thomas, Head NETC & AEPS, NPCI said, "We are pleased to partner with Equitas Bank to launch the NETC FASTag parking solution at MSRDC truck terminus. The parking implementation at the terminus is a natural extension from the current toll payments use case as most of the commercial vehicles plying on the highways already have a NETC FASTag. The parking solution at the terminus will help drivers, experience convenience and safety as it's a 100% contactless payment solution. With NETC FASTag, it's our constant endeavor to provide a seamless, cashless and automated toll and parking payment solution."

"It's really a great pleasure to develop one of the best wayside infrastructures in the country. We are proud to say that we have delivered infrastructure which includes good toilets, resting place, dhaba, training place etc. and other amenities for truckers with extremely high quality concrete pavement and overall well maintained cleanliness of the best standards. Because of this truckers visiting our terminus get the feeling of 'Home away From Home'. Everybody is appreciating the project which gives us further pleasure" Mr. Prashant Joshi, Managing Director , Ocean Highway Facilities and Solutions Pvt. Ltd said.

"We sincerely thank Govt. of Maharashtra, NHAI, MSRDC, Equitas Small Finance Bank, Kent Intelligent Transportation System (I) Pvt. Ltd. and all other private companies and autho rities who have supported to create this infrastructure of world standard", he added.

Mr. Pravin Bhalesain and Mr. Smita Shende Co-Founders of ZatpatPay said, "MSRDC, NPCI, Equitas and Ocean Highways gave the opportunity for Truck Drivers to have seamless Parking Payment using FASTag on Mumbai-Pune Expressway Truck Terminal at Khalapur. Zatpat is glad to associate with Equitas Bank for FASTag based toll and parking fees collection and trying to grow nationwide with its innovative solutions for Digital Payment Processing".

Source : Equity Bulls

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