RBI proposes 1 hour delay for transactions over ₹10,000
Business
Worried about rising digital payment scams, the RBI has proposed some fresh ideas to keep your money safe.
It's talking about adding a 1-hour delay for transactions over ₹10,000, giving you time to stop anything fishy before it goes through.
The move comes as online fraud cases have shot up across India.
RBI proposes kill switches and safeguards
The RBI also wants banks to add "kill switches" so you can instantly turn off payment modes if needed.
Extra protections are planned for seniors and people with disabilities, like requiring a trusted person's OK for big payments.
Plus, there might be yearly limits on account credits to crack down on mule accounts used in scams.
The RBI is asking everyone for feedback before making these changes official.