Equitas Small Finance Bank gains post announcing launch of countrys first FASTag-powered truck terminal

On Friday, Equitas Small Finance Bank announced that it has joined hands with Maharashtra State Road Development Corporation Limited (MSRDC) and Ocean Highway Facilities & Solutions Pvt Ltd for launching country’s first FASTag-powered truck terminal at Khalapur (Maharashtra), which is on Yashwantrao Chavan Mumbai – Pune Expressway.  

The terminal is said to have a capacity of parking 160 trucks at a given point of time. More than 350 trucks visit the terminal on a daily basis at the given juncture.  

The electronic tolling requirements of the Indian markets are met by National Payments Corporation of India (NCPI) as it has developed National Electronic Toll Collection (NETC) programme. It offers an interoperable nationwide toll payment solution, which includes clearing house services for the settlement and dispute management.  

FASTag aims to offer the convenience of cashless payment, which also carries benefits like savings on fuel and time as the vehicle is not needed to halt at the toll plaza for the payment of toll expenses. Equitas aims to ease the issues related to management faced by terminal operators as well as make the life of truck owners & fleet owners easy by facilitating cashless transactions for them.  

Equitas Small Finance Bank is engaged in the business of microfinance along with housing finance & vehicle finance. It also provides loans to subsidiaries and corporate guarantees for their borrowings from banks & institutions.  

The share of Equitas Small Finance Bank Ltd was trading at Rs 46.45 at 12.45 pm on Friday, which is 0.43 per cent up on BSE.