It may soon happen that your online transaction of more than ₹ 10 thousand may not be processed immediately. There may be a delay of 1 hour. This will give customers an opportunity to stop or cancel erroneous transactions. RBI has made this proposal to stop the increasing digital fraud in the country. RBI believes that fraudsters often transfer money in a hurry by creating psychological pressure, this delay will eliminate that pressure. At present, most digital transactions happen instantly, giving the user no chance to think or correct mistakes. 3 other big things related to RBI’s proposal 1. ‘Trusted Person’ facility for senior citizens The security will be more strict for the elderly above 70 years of age and the disabled. For transactions above Rs 50,000, the approval of a ‘trusted person’ may be required. This will act as a second layer of security against fraud. 2. Will be able to include trustworthy people in ‘whitelist’ If you are sending money to a person or merchant whom you know, you can include him in your ‘whitelist’. This delay of 1 hour will not be applicable on making payments to whitelisted people, due to which there will be no problem in regular transactions. 3. ‘Kill Switch’ RBI has also suggested a ‘kill switch’ to stop digital payments. If a customer feels that his account has been hacked or any wrong transaction is taking place, he will be able to immediately stop all his digital payment services with a single click. Understand what will change in the table? Why was this needed? Last year, the loss due to digital fraud in the country crossed Rs 22 thousand crores. According to RBI, transactions above Rs 10,000 are only 45% of the total fraud cases, but their share in the total fraud value is 98.5%. Keeping this in mind, a limit of Rs 10,000 has been fixed. How long can the rule be implemented? RBI is currently discussing its technical aspects with banks and National Payments Corporation of India (NPCI). The main challenge in this is how to strike a balance between ‘speed’ and ‘security’ of digital payments. It is expected that detailed guidelines for this can be issued in the next few months and it will be implemented in a phased manner. Expert View: Balance between security and speed RBI has acknowledged that the basic principle of digital payment is ‘instant’ i.e. instant payment. The mandatory delay may cause some inconvenience to users, but it is necessary for security reasons. RBI has sought suggestions from the general public and stakeholders on this discussion paper till May 8. ————— Also read this news related to loan… No change in repo rate, loans will not be expensive: RBI kept the interest rate at 5.25%; Reduction of 1.25% four times in 2025. There has been no change in the repo rate in the first meeting of the new financial year. It has been maintained at 5.25%. Due to this, loans will not become expensive and EMI will not increase. RBI Governor Sanjay Malhotra informed about the decisions of the Monetary Policy Committee on April 8. Read the full news…
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1 hour hold on online payments above ₹10,000: Will get a chance to cancel wrong transactions, RBI also suggested ‘kill switch’
