RBI plans 1-hour delay on digital payments to curb fraud
Business
The RBI is planning a 1-hour delay for certain digital payments, hoping to slow down scammers as online fraud cases keep climbing.
With digital transactions soaring 38 times in the past decade, the central bank says it's time for extra security, especially against tricks like impersonation and social engineering.
Trusted approval for ₹50,000+ transactions
For people more at risk, like senior citizens, the RBI suggests that big transactions (over ₹50,000) should need approval from a trusted person.
If you want to change who that trusted person is, there will be a 24-hour wait before it takes effect.
The plan also includes tighter account controls—think annual credit limits and an emergency "kill switch" to instantly block payments if something seems off.