Indian Highways Management Company and ICICI Bank have signed an agreement for providing services for electronic toll collection.
Earlier, Indian Highways Management Company (IHMCL), a company incorporated by the government primarily for implementation of Electronic Toll Collection on national highways, had invited bids from major commercial banks for provision of central clearing house services for electronic toll collection.
Based on the bidding parameter, ICICI bank has emerged as the successful bidder, the Ministry of Road Transport and Highways in a statement.
Electronic toll collection enables road users to pay highway tolls electronically without stopping at the toll plazas.
The unique number of the RFID Tag (Radio Frequency Identity) affixed on the wind shield of the vehicle will be read by the readers fitted in the dedicated electronic toll collection (ETC) lanes of plazas and sent to the central clearing house for financial settlement.
Through this agreement, IHMCL has engaged ICICI Bank to perform clearing and settlement of electronic toll transaction, which is key requirement for electronic toll collection.
