SBI Seeks Reserve Bank Nod to Launch Contactless Debit Card
Mumbai: State Bank of India, the country's largest lender, on Monday said it is planning to launch contactless debit cards which would enable customers to carry out some transactions without having to enter the PIN (personal identification number) number.
The bank has sought permission from the Reserve Bank of India (RBI) for this.
Contactless debit cards don't require the cardholders to enter the PINs or sign when they pay for low-value items. Just a touch of the contactless debit card against the card reader is enough for the transaction to go through.
"Right now, for any card which has to be used, a customer has to put in the PIN. Some exception has to be made as for lower amount deals like buying a Metro or bus ticket, where he can simply show the card and get in," SBI deputy managing director (corporate strategy and new businesses) S K Mishra told reporters in Mumbai.
"So, we have requested the RBI to come up with a limit below which the PIN will be waived. We have suggested that we can have up to Rs 2,000 as the limit," he said.
Once the regulation comes in, all its future debit cards would be near-field communication (NFC or contactless) enabled, he added.
The bank is currently performing a test-run of such contactless cards at the Chennai and Mumbai metro stations.
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