RBI proposes 1-hour delay, Kill Switch to secure online transactions

RBI UPI New Rule: The RBI has proposed new rules to combat digital payment fraud, including a mandatory 1-hour delay for digital transactions over Rs 10,000. Other proposals include a whitelist for trusted recipients, a ‘kill switch’ to halt all digital payments.

New Delhi: In an attempt to tackle the increasing digital payment frauds in the country, the Reserve Bank of India (RBI) is considering to impose new rules. The central banking authority has proposed that online transactions exceeding Rs 10,000 be delayed for up to an hour before the money is credited to the beneficiary. RBI has also called for introducing a feature that would allow customers to cancel the transaction in that 1 hour time period.

RBI proposes time gap for Rs 10000........

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