BANKING AFFAIRS

Detailed explanation-1: -National Electronic Toll Collection (NETC) program has been developed to meet the electronic tolling requirements of the Indian market as it offers an interoperable nationwide toll payment solution including clearing house services for settlement and dispute management.

Detailed explanation-2: -The system is inter-operable and the same FASTag can be used across all toll plazas under the National Electronic Toll Collection (NETC) program.

Detailed explanation-3: -The National Electronic Toll Collection (NETC) program launched by NPCI in December 2016 as an interoperable solution for the purpose of digitising the cash collection at toll plazas. It runs on RFID technology and an RFID tag ( NETC FASTag) is used for identifying the vehicle for the purpose of collecting toll fare.

Detailed explanation-4: -NETC-FASTag is a device that employs Radio Frequency Identification (RFID) technology for making toll payments directly while the vehicle is in motion.

Detailed explanation-5: -National Payments Corporation of India (NPCI) was incorporated in 2008 as an umbrella organization for operating retail payments and settlement systems in India.