The National Payments Corporation of India (NPCI) on June 20, 2024, issued the Guidelines for New Customer Onboarding and Re-KYV process.
The following has been stated namely: -
• The Guidelines on Customer Onboarding and the Re-KYV process have been issued to strengthen the process of customer onboarding and reduce issuer liabilities
• The following are actionable to the Issuers for implementation and adoption of the guidelines and processes in their system from a compliance perspective: -
o Standardization of FASTag Issuance Fees
o Customer Onboarding Process - Point of Sales (POS) and Online
o No transactions allowed on unregistered tags
o Re-KYV (Know Your Vehicle) process
• Any non-compliance may result in penal action or the stopping of issuance of FASTag.
[Notification No. NPCI/2024-25/NETC/001]
