Big decision of RBI, without ATM PIN debit and credit card will be able to withdraw 5 thousand rupees
new Delhi. Reserve Bank of India Governor Shaktikanta Das has made a big change in the rules of contactless card payment. Now it has been decided to increase the maximum limit from contactless debit and credit cards to 5 thousand rupees. That is, you can easily pay up to 5000 rupees without any PIN. For the common people, this facility will be implemented across the country from 1 January 2021. Let me tell you that till now the maximum limit to pay without PIN from contactless debit and credit cards was 2 thousand rupees.
Who is called contactless transaction?
– You do not need to swipe the card for the transaction.
– Point of sale is paid when the card is removed from the machine.
– Contactless credit card uses two techniques ‘Near Field Communication’ and ‘Radio Frequency Identification’.
– If the card is kept in the range of 2 to 5 centimeters of the machine, payment can be made.
– No need to insert the card into a machine or swipe it.
– In this technique neither PIN is required and OTP needs to be inserted.
– Five contactless transactions can be done in a day.
– Now the limit is more than 2000 rupees, it is required to enter PIN or OTP.
Also read: RBI The Estimates, know how much retail inflation can remain in the country
How to get RuPay Card
– For this RuPay card you will have to contact your bank.
– This card is also issued by Paytm Payment Bank.
– This card gets 5% cashback when used at ATM.
– This card provides 25 banks across the country including SBI, PNB.
After January 1, a PIN or OTP will be charged only for payments above Rs 5 thousand.