TECH
RBI ups limit for contactless card transaction to Rs 5,000
Transfer of funds through RTGS will be made available round-the-clock in next few days. Limit for contactless card payments to be hiked from Rs 2,000 to Rs 5,000 with effect from 1 Jan.
Transfer of funds through RTGS will be made available round-the-clock in next few days. Limit for contactless card payments to be hiked from Rs 2,000 to Rs 5,000 with effect from 1 Jan.
The Reserve Bank of India has enhanced limits for contactless card payments from Rs 2,000 to Rs 5,000 with effect from 1 January 2021. This will be at the discretion of the user, RBI governor Shaktikanta Das said on Friday while announcing the decisions taken by the Monetary Policy Committee (MPC).
On the transfer of funds through Real-Time Gross Settlement (RTGS), Das said it will be made available round-the-clock in next few days. "RTGS system to be made 24X7 in next few days," Das said.
The RTGS system, which is primarily meant for high-value transactions, happens on a real-time basis. The minimum amount to be remitted through RTGS is Rs 2 lakh with no maximum limit.
