This bank rule to change from January 1, 2021 | Contactless card transaction limit - know latest update
There are many banking rules that are set to change From January 1, 2021. These rules are likely to impact you in one way or another.
There are many banking rules that are set to change From January 1, 2021. These rules are likely to impact you in one way or another. These could have financial implications or the way you have been transacting with the bank. One such rule that will impact the common man from January, 2021 is - Hike in contactless card transaction limit. Know how this is going to affect your pocket as you ring in the New Year. Here are details:
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Hike in contactless card transaction limit
The Reserve Bank of India (RBI) has increased contactless card transaction limit from Rs 2,000 to Rs 5,000 from January 1. The move is aimed at furthering the adoption of digital payments in a safe and secure manner. This will be a major boost to the users of recently launched UPI AutoPay functionality for the customers to execute their high-ticket recurring payments like utility bills, investments, two-wheeler EMIs, consumer durable EMIs etc seamlessly. The RBI had said that contactless card transactions and e-mandates on cards (and UPI) for recurring transactions have enhanced customer convenience in general while benefitting from increased use of technology.
Speaking to PTI, Dilip Asbe, MD & CEO, National Payments Corporation of India (NPCI), had said "This is a welcome step by the RBI to increase transactions and e-mandate limit. The increased limit will also help to boost the average value of transactions and push the adoption of digital payments. This step re-affirms the commitment of the country to become a less-cash economy."
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