RBI plans kill switch for digital payments after ₹22,931cr losses
The Reserve Bank of India (RBI) is planning a "Kill Switch" for digital payments, letting you instantly freeze digital payment transactions from your account if something feels off.
This move comes after around 28 lakh digital payment fraud cases were reported in 2025, totaling ₹22,931 crore.
The idea is to give users more control and peace of mind when using digital banking.
Singapore-inspired switch may freeze digital payments
Inspired by Singapore's system, the Kill Switch would let you disable all digital payment transactions from your account at one stroke, and you'd just need to verify yourself to unlock it later.
Rolling this out everywhere might take some tech upgrades, and there's a risk of accidental lockouts or service hiccups.
To avoid problems, certain essential payments, like payment mandates and standing instructions, might keep working even if the switch is on.