Since the beginning of the new year 2021, many rules of banking are going to change significantly. The most important change is going to be in the case of money transactions through contactless cards. Announcing the new rules on Friday, the RBI governor said that now there would be no need for a ‘pin code’ to transact money through cards. Its purpose was to make it easier to pay in shopping malls or restaurants.
Reserve Bank of India (RBI) Governor Shaktikant Das said the changes would apply to contactless debit and credit card transactions under the One Nation One Card scheme. Up to Rs 5,000 can be easily paid from these cards without PIN. Please be informed that at present, only contactless debit and credit cards can be used for transactions up to Rs 2,000 without a contact PIN.
At present, up to 5 contactless transactions can be done for Rs 2,000 a day. If the transaction amount is more than this, PIN or OTP is required. However, as per RBI rules, the maximum limit for non-communication payments from January 1 will be Rs 5,000.
If these cards are brought within 2 to 5 centimeters of the machine, there is no need to swipe like normal cards. Besides, neither PIN nor OTP is required. This card is like a smart card. Explain that under the One Nation One Ration Card scheme, Indian companies have issued non-contact debit and credit cards.