Contactless Debit Cards are to be launched by SBI
SBI is going to launch contactless debit cards. For this, the bank has sought the permission of RBI. There is no need to enter PIN for some simple transactions by using these cards. At present, PIN is mandatory for every transaction.
SBI proposes to waive PIN for transactions under Rs. 2,000. However, the bank has requested to set the limit by RBI. If these cards come into function, users need not use their PIN even for simple transactions like buying a Metro ticket.
Very recently, SBI launched multi-currency foreign travel card with the cooperation of MasterCard. The current available currencies are dollar, pound, euro and the Singaporean dollar. Other foreign currencies like Japanese Yen, Canadian dollar, Australian dollar and Saudi Riyal will also be added to this multi-currency card soon. There is a one-time fee of Rs. 100 to obtain the card. USD 200 is the minimum amount that can be loaded on these cards. The bank proposes to make these cards contactless in a near future.