New Delhi: Excellent ID, main producer of FASTags, and a subsidiary of Syrma SGS Know-how Restricted. is making ready to satisfy the rise in demand for FASTags triggered by the current Reserve Financial institution of India (RBI) directive on a FinTech firm which requires clients to switch their current FASTags with new ones issued by approved banks.
About 1.8 crore FASTags will must be changed swiftly to keep away from delays and inconvenience at toll cubicles. This sudden enhance in demand poses a problem for FASTag producers to fulfil these necessities rapidly and effectively, the corporate mentioned in a media launch.
Excellent ID, recognizing the crucial want, has invested in new tools over the previous few months, increasing its FASTags manufacturing capability by 40%. This funding permits it to deal with the surge in demand from banks and FinTech corporations, the discharge added.
Satendra Singh, CEO of Syrma SGS, mentioned, “Because the main producer of Fastags, we leverage cutting-edge expertise in our manufacturing processes to help our purchasers and contribute to the Make in India initiative. We now have made substantial investments in enhancing our manufacturing capability to effectively tackle the sudden and time delicate enhance in demand. Our Excellent ID staff is absolutely ready to help our clients to satisfy this surge in demand.”
The corporate makes a speciality of RFID design and with a 55,000 sq. ft facility in Gurgaon masking IC bonding, inlay manufacture, tag conversion, and personalization, Excellent ID stands as the biggest provider of FASTags to prime banks for over 6 years.
