Page 12 - Banking Finance February 2024

ROUNDUP

"Judges do not need to shun the care- before recovering gradually to 6.5 per percent and over 8 crore users, FASTag
ful use of AI," said Master of the Rolls cent in FY26. has revolutionized the Electronic Toll
Geoffrey Vos, the second-highest rank- Collection system in the country. The
The multilateral lender wasn't so opti-
ing judge in England and Wales. 'One Vehicle, One FASTag' initiative will
mistic about the global scenario.
Hobbled by high interest rates, persis- help to make toll operations more ef-
Big audit firms under the tent inflation, slumping trade and a ficient and ensure seamless & comfort-
able journeys for the National Highway
NFRA lens diminished China, the global economy
will slow for a third consecutive year users.
In recent times, more and more audit
in 2024, it said. The statement said NHAI has taken
firms have challenged company man-
this initiative after recent reports of
agements, some going to the extent of multiple FASTags being issued for a
resigning on the ground of incompat- FASTags with incomplete particular vehicle and FASTags being
ibility with what the management KYC to be deactivated post
issued without KYC in violation of RBI's
wanted or was doing. This, said Ajay January 31 mandate.
Bhushan Pandey, chairman of the Na-
FASTags with a valid balance but an With penetration rate of around 98 per
tional Financial Regulatory Authority
incomplete KYC will get deactivated or cent and over 8 crore users, FASTag has
(NFRA), in a media interview, was a
good sign. blacklisted by banks post-January 31, revolutionized the electronic toll col-
the Ministry of Road Transport and lection system in the country.
Now, the national accounting Highways said.
watch-dog has turned the spotlight on To avoid inconvenience, users must Tata acquires capital foods
audit firms themselves. These firms
ensure that KYC of their latest FASTag
are perceived to be the eyes and ears for Rs. 5,100 crore
is completed. FASTag users must also
of non-promoter investors. Tata Consumer Products said that it
comply with 'One Vehicle, One FASTag'
was acquiring Mumbai-based Capital
World Bank retains India's and discard all the earlier issued Foods, which makes the Ching's Secret
FASTags through their respective and Smith & Jones brands, for an en-
FY25 growth estimate at banks. Only the latest FASTag account
terprise value of Rs.5,100 crore. The
6.4% shall remain active as previous tags will company said that it had entered into
be deactivated/blacklisted after 31st
The World Bank kept its FY25 eco- a share purchase deal and sharehold-
January 2024. For further assistance or
nomic growth projection for India un- ers agreement to acquire the firm in
queries, FASTag users can reach out to
changed at 6.4 per cent, mainly on an all-cash deal.
nearest toll plazas or toll-free cus-
account of strong domestic demand, Tata Consumer has also acquired Or-
tomer care number of their respective
rising public infrastructure spending ganic India, promoted by Fabindia, for
issuer banks.
and strong private-sector credit an enterprise value of Rs.1,900 crore.
growth. However, it projected that NHAI has taken this initiative after the The company is into organic tea's and
the private consumption growth might recent reports of multiple FASTags being health foods. The deal with Organic
taper off due to high food inflation and issued for a particular vehicle and India values the firm at over 5 times
diminishing pent-up demand. FASTags being issued without KYC in vio- its FY24 estimates sales of Rs.560-570
lation of RBI's mandate. Apart from this, crore.
In its biannual 'Global Economic Pros-
FASTags are sometimes deliberately not
pects' report, the World Bank said In-
fixed on the windscreen of the vehicle,
dia was likely to maintain the fastest I-T dept raids Polycab,
resulting in unnecessary delays at the toll
growth rate among the world's largest finds unaccounted Rs.
plazas and causing inconvenience to fel-
economies, but its post-pandemic re-
low National Highway users. 1000 crore sales
covery was expected to slow, with es-
timated growth of 6.3 per cent in FY24, With penetration rate of around 98 The income tax department has de-

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