ICICI Bank Ltd.

ICICI Bank and the Indian Highways Management Company (IHMCL) have signed an agreement for provision of Central Clearing House (CCH) services for Electronic Toll Collection (ETC). Earlier, IHMCL, the company incorporated primarily for implementation of Electronic Toll Collection on Indian national highways, had invited bids from the major Indian commercial banks for provision of CCH services for Electronic Toll Collection. Based on the bidding parameter, ICICI bank has emerged as the successful bidder.

Through this agreement, IHMCL has engaged ICICI Bank to perform clearing and settlement of electronic toll transaction, which is key requirement for interoperable electronic toll collection. The bank has been issued letter of award for the same by IHMCL on February 18, 2014.

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 ‘ETC’ lanes of plazas and sent to the Central Clearing House for financial settlement.