Axis Bank partners with MEP Infrastructure Pvt. Ltd. for e-Toll Project in Mumbai

Axis Bank has partnered with MEP Infrastructure Pvt. Ltd to commence Electronic Toll Collection at 5 entry points in Mumbai
 
MUMBAI, India - June 9, 2015 - PRLog -- Mumbai, June 4th, 2015: Axis Bank, India’s third largest private sector Bank, in partnership with MEP Infrastructure Pvt. Ltd. (A SPV of MEP Infrastructure Developers Limited) launched Electronic Toll Collection (ETC) facility at all 5 Entry Points in Mumbai. A dedicated ‘ETC Lane’ at all 5 toll plazas in Mumbai, managed by MEP will be enabled to accept cashless toll payment through RFID tags affixed on the windshield of vehicles.

The Program was inaugurated by Honourable PWD Minister, Shri. Eknath Shinde, Government of Maharashtra and was attended by senior functionaries from Government Authorities, MSRDC Ltd. and Mr. Sidharth Rath, President –Corporate Banking, Axis Bank graced the occasion.

The collections will be through RFID tags on the windshield of the vehicle. These tags will be branded as ‘FasTag’ and dedicated ETC lanes will be known as ‘FasTag Lane. Users, with FasTag will now be able to cruise through the toll plazas without the hassle of stopping and paying cash. It will improve the average time of travel and will make the journey smoother.

Speaking on the occasion, Mr. Sidharth Rath, President & Head Treasury & Transaction Banking, Axis Bank said, “The launch of Electronic Toll Collection at 5 important toll plazas in Mumbai will result in an efficient and speedy customer experience. Road users will now be able to drive through the toll plazas without the hassle of stopping for paying cash using the FasTag. FasTag uses state of the art technology to identify, collect and manage toll collections at plazas through the country. We believe that Axis Bank’s offering will help redefine process of toll collections in the country and make the collection infrastructure at par with the best in the world.”

Toll plaza operators will also stand to benefit as they would not be required to handle cash and will have less stress of handling peak hour traffic congestions.

From June 3rd onwards, commuters will be issued a RFID for their vehicles at the Airoli Plaza. Over a period of a month Vashi, LBS and Eastern Expressway Highway Plazas will also be activated and road users will be able to commute without any hassle of managing cash. Dahisar plaza, for its space challenges, will join the ETC program in July 2015. To begin with, the facility will be available for cars and later will be extended to all vehicles.

Axis Bank will bring in its expertise of managing an interoperable clearing system and an extensive network of its branches/agents. This interoperable clearing system will allow commuters to use the same FasTag at all 350 toll plazas on national highways. Users can either buy or recharge FasTags online or at Axis Bank’s branches/ agents. The customers will be offered value added services and a dedicated 24x7 call center facility for convenient travel.
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Tags:Banking, Finance, Partnership, Infrastructure
Industry:Banking, Financial
Location:Mumbai - Maharashtra - India
Subject:Partnerships
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