State Bank of India (SBI) has sought permission from the Indian banking regulator Reserve Bank of India (RBI) to launch contact-less debit cards, which would enable customers to carry out transactions of up to Rs 2000 without entering the ATM pin number at point-of-sale (PoS) terminals, reports Press Trust of India. RBI had made entering ATM pin at PoS and merchant outlets mandatory from December 1, 2013. Apparently, the bank is currently conducting a pilot project of such contactless cards at the Chennai and Mumbai metro stations. It’s worth noting that SBI had partnered Bangalore metro to launch NFC enabled debit cards that doubled up as travel smart cards, back in July 2011. SBI had also launched an e-debit card for e-commerce transactions in April 2012. Customers could use it for all online transactions and didn’t have to share the details of the principal account on the merchant website. NFC enabled smart cards are mostly being used in metros: the Delhi Metro has one as well, and it's particularly interesting to note that the National Mobility Card has received a Prepaid Payment wallet license from the Reserve Bank of India. SBI’s other digital initiatives - In July, SBI launched six digital branches called SBI InTouch across the country to offer banking solutions to its Internet and mobile customer base. These branches feature digital banking facilities like, multi-functional kiosks for instant account opening and other banking services, and ‘expert pods’ through which expert advisors would be available via video conferencing to…
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