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In November 2021, with which of the following banks has Hindustan Petroleum Corporation Ltd (HPCL) signed an agreement to facilitate fuel payments by motorists at HPCL’s retail outlets using the bank’s FASTags?

In November 2021, with which of the following banks has Hindustan Petroleum Corporation Ltd (HPCL) signed an agreement to facilitate fuel payments by motorists at HPCL’s retail outlets using the bank’s FASTags? Correct Answer IDFC First Bank

The correct answer is IDFC First Bank.

  • IDFC First Bank and Hindustan Petroleum Corporation Ltd (HPCL) have signed an agreement to facilitate fuel payments by motorists at HPCL’s retail outlets using the bank’s FASTags.
  • Further, IDFC First Bank’s FASTags can now also be bought, recharged and replaced by passenger vehicle users at select HPCL retail outlets.
  • FASTag is a medium to accept toll fare across all National Highway plaza.

Important Points

  • ​The agreement was signed in Mumbai at an event attended by the senior management of HPCL and IDFC First Bank.

  • So far, FASTags have only been used to pay for toll charges.

Additional Information

  • ​In 2020, IDFC First Bank was the first to introduce fuel payments using FASTag balances for commercial vehicles users at HPCL retail outlets, through DriveTrack Plus PoS terminals.
  • The FASTag programme was jointly launched by the National Highway Authority of India (NHAI), Indian Highways Management Company Ltd. (IHMCL) and National Payments Corporation of India (NPCI) as a medium to accept toll fare across all National Highway plazas.
  • Banks act as issuers and acquirers in this ecosystem which processes close to seven million transactions a day.
  • FASTags are accepted across all national highway toll plazas and select state highways.

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