The Government of India has made it mandatory to conduct a Know Your Customer (KYC) procedure to avail services of the Fastag service. It is necessary to know that what are the changes made by the government and how this will affect you? Read on to find out more about KYC of Fastag service and how the procedure works in different states.
What is Know Your Customer (KYC)?
With KYC, banks are required to verify and confirm a customer’s identity before accepting deposits or transferring money. The Financial Intelligence Unit (FIU) issues guidelines for banks on how they should comply with Know Your Customer norms. Banks, being regulated entities, follow these guidelines rigorously. It is important that any person opening an account with a bank in India submits his or her documents for verification. Banks must adhere to these norms as part of their service license conditions. In other words, it is a formality that has been included in banking procedures.
Complete the KYC process online
The way it works is that once a customer completes a toll transaction, his e-KYC information will be stored in NHAI’s central database. Then, when he tries to travel with another agency using e-tag or URC, NHAI will verify his credentials with other agencies through SIDB. If NHAI finds that he has complete details in some other e-TAG agency’s database (and hasn’t violated any rules), then it can accept him as a bonafide customer; otherwise, it can reject him outright. But if he has completed only limited documentation with one or two agencies, but is waiting for completion of all documentation in others; then their databases will temporarily place him on hold.
Verify your application for free
Anyone can verify their Fastag account on MyAG.in without providing any personal information (name, date of birth, etc.)! This service is meant for those who are either not interested in verifying their account or want to create a new account without going through all the tedious procedures that involve providing personal details. Simply enter your 16-digit Fastag number or serial number, select your state and enter details related to your application – and you’re done! Yes, it’s that simple. And if there are any errors in your application details like a typo in name or address, MyAG will send a notification when we find them. So go ahead and keep track of all those important changes happening at ETO today! To learn more about MyAG click here .
It only takes 4 minutes!
As per an RBI circular dated December 12, 2015, all financial institutions have been asked to implement ‘Know Your Customer’ (KYC) guidelines. In an age where technology can make or break a business model, it was just a matter of time before newer practices were incorporated into day-to-day operations. One such practice is Know Your Customer (KYC). KYC standards play a key role in preventing fraud and money laundering. While there are numerous steps involved in complying with Know Your Customer rules , every individual should be able to complete at least 4 steps from our 10-step guide in less than four minutes. Let’s find out how!
How to fix rejected applications?
If you have had a driver’s license or vehicle registration issued by another State, do not apply for an Iowa permit. Wait until your Iowa residency status changes before applying for an Iowa permit. If your out-of-state license or ID has been expired longer than one year, it is invalid in Iowa. Use our online Status Checker to confirm your ID will be valid and check if it will meet state requirements as part of our RealID program. If it does not meet RealID requirements, then you must apply for a new license after your residency status changes.
Know everything about eAadhaar
Aadhaar is a 12-digit unique identity number issued by Unique Identification Authority of India (UIDAI) on behalf of Government of India. It captures biometric information, such as your photo, fingerprints and iris details. Your Aadhaar ID is linked with your basic demographic information from your birth certificate, like name, date of birth, gender and address. Here are 5 things you must know about eAadhaar