India’s largest public sector bank, the State Bank of India has launched contactless debit and credit card with Rs 1 lakh fraud cover. The contactless cards uses the latest field technology (NFC). The advantage of NFC is that the users don’t need to swipe the cards. They can just waive or tap the card near the contactless reader to make payments.

The SBI has announced that it is going to upgrade all its existing 2.20 lakh point of sale (PoS) machines to NFC technology. As of now the banking giant has 5000 NFC enabled machines. It has planned to launch 10,000 new PoS which will accept contactless cards.

The card has been launched by SBI chairman Arundhathi Bhattacharya and the name of the card is sbiINTOUCh. The contactless card will come with emergency replacement facility anywhere in the world. The additional feature is the card has a fraud liability cover of Rs 1 lakh.

Tidbits

• SBI is one of the Big Four banks of India, along with Bank of Baroda, Punjab National Bank and ICICI Bank.
• Arundhati Bhattacharya is the first woman to be appointed Chairperson of the bank.
• SBI has 14 regional hubs and 57 Zonal Offices that are located at important cities throughout India.
• SBI has five associate banks. They are,
  • State Bank of Bikaner & Jaipur
  • State Bank of Hyderabad
  • State Bank of Mysore
  • State Bank of Patiala
  • State Bank of Travancore
• Arundhati joined State Bank of India in 1977 as a probationary officer (PO). In 2014, she was listed as the 36th most powerful woman in the world by Forbes.

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GK Questions

• Name the bank which launched the contactless card in India for the First time? ICICI bank.
• What is the range of Near Field Communication Technology? 10 cm or less than that.
• We Understand Your World is the tagline of which Bank in India? HDFC Bank