RBI enhances limit for Card transactions in Contactless mode to Rs 5000
- The Reserve Bank of India has increased the limit allowed for Card transactions in Contactless mode from Rs 2000 to Rs 5000 without the need of an Additional Factor of Authentication (AFA).
- Transactions beyond this limit can be processed in contactless mode, but with AFA like OTP.
- This will come into force from January 01, 2021.
Points to remember:
- Limit for Card transactions in Contactless mode without the need of an Additional Factor of Authentication (AFA) w.e.f from Jan 01, 2021?- Rs 5000
Source: RBI