Reserve Bank of India (RBI) has previously vide circular dated May 14, 2015 relaxed the requirement for Additional Factor of Authentication (AFA) for card transactions in contactless mode for values up to ₹ 2,000/- per transaction at Points of Sale (PoS) terminals. RBI has announced in the Statement on Developmental and Regulatory Policies dated December 4, 2020 that per transaction limit for AFA relaxation for contactless card transactions will be increased to ₹ 5,000/-.
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The circular exclusively applies to EMI-based personal loans. It does not extend to other loan types, such as business or commercial loans. Personal loans, as
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