Contactless card payment is also a means of contactless payment.
After the introduction of Kovid 19, the trend of digital payment in the country has increased. The government, RBI (Reserve Bank of India) and banks have been advised many times to use digital and contactless payments more and more. Contactless card payment is also a means of contactless payment. The RBI has decided to take steps in the meeting of the Monetary Policy Committee (MPC) to promote contactless card payments.
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In order to enable people to make more transactions more easily with the help of contactless card payments, it has been decided to increase the limit of contactless card transactions to Rs 5000 per transaction in the MPC meeting. Right now this limit is 2000 rupees.
There will be more limit from next year
Describing the decisions of the December meeting of the Monetary Policy Committee, RBI Governor Shaktikanta Das announced that it has been decided to increase the limit of contactless card transactions. Customers will now be able to make transactions up to Rs 5000 instead of Rs 2000 through this one. This increased limit will be applicable from 1 January 2021.
24X7 RTGS
The RBI governor also said that the facility to enable RTGS for 24 hours, seven days will be available in the next few days. In October, the RBI announced that real time gross settlement (RTGS) facility will be available 24 hours and seven days from December 1. With this, customers will be able to transact money anytime through RTGS 365 days of the year. Right now RTGS system is available from 7 am to 6 pm on all working days of the week except the second and fourth Saturday of the month. Fund transfer can be done instantly through RTGS but no amount can be transferred below Rs 2 lakh at a time.
