SBI launches sbiINTOUCH, NFC-enabled Contactless Debit and Credit Cards [ Current Affairs ]
India’s largest commercial lender bank, State Bank of India (SBI) has launched contact-less credit and debit cards sbiINTOUCH. sbiINTOUCH is usefull to transact the card by just tapping or waving it against the reader of the point-of-sale machine. This card associated with NFC (near-field technology) technology is secure and hassle-free. SBI is also proving a fraud liability cover of 1 lakh rupees on these cards.
- ICICI bank was first to introduce contact-less credit and debit cards in India after that HDFC bank was launched contact-less credit and debit cards and SBI is the third bank which introduced the contact-less credit and debit cards in India.
- According to the rule of RBI, Reserve Bank of India allows banks to enable transactions in case of contactless cards up to Rs. 2,000 without the requiring a separate PIN authentication.
- If amount were high then banks should provide customers with an option of contact payment and pin authentication requirement.
- Published on: May 20, 2015