RBI explores banking apps kill switch to instantly freeze transactions
Business
The Reserve Bank of India (RBI) is exploring a new "kill switch" for banking apps, so you can instantly freeze all transactions if you spot something shady.
This move comes amid persistent digital scam cases, and RBI hopes it'll make online payments feel safer for everyone.
RBI considers UPI and netbanking switch
These features are aimed at stopping "digital arrest" scams, where fraudsters pretend to be cops and pressure people into transferring money.
With losses hitting nearly ₹3,000 crore nationwide, RBI is also considering a "switch on/switch off" option for UPI and net banking (like what you already get with cards) so users can temporarily disable payment services whenever they want.