CA Sansaar
RBI Plans Delay & Safety Checks for High-Value UPI Transactions
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The Reserve Bank of India (RBI) is considering new measures to strengthen the safety of digital payments, including a proposal to introduce a one-hour cooling-off period for UPI transactions exceeding ₹10,000. In addition, the regulator has suggested a “kill switch” feature that would allow users to quickly block transactions in case of suspected fraud.
Another key proposal is aimed at protecting senior citizens, allowing them to nominate a “trusted person” who would provide an additional layer of verification for high-value transactions above ₹50,000.
India’s digital payment ecosystem has witnessed massive growth over the years. According to RBI data, the volume of digital transactions has surged nearly 38 times, while their total value has more than tripled over the past decade. However, this rapid expansion has also been accompanied by a rise in online frauds, particularly Authorised Push Payment (APP) scams.
In such scams, fraudsters manipulate individuals into willingly transferring money by impersonating trusted entities like bank officials or business partners. Since these transactions are authorised by the users themselves and processed instantly, recovering the funds becomes extremely difficult, often resulting in substantial financial losses.
Another key proposal is aimed at protecting senior citizens, allowing them to nominate a “trusted person” who would provide an additional layer of verification for high-value transactions above ₹50,000.
India’s digital payment ecosystem has witnessed massive growth over the years. According to RBI data, the volume of digital transactions has surged nearly 38 times, while their total value has more than tripled over the past decade. However, this rapid expansion has also been accompanied by a rise in online frauds, particularly Authorised Push Payment (APP) scams.
In such scams, fraudsters manipulate individuals into willingly transferring money by impersonating trusted entities like bank officials or business partners. Since these transactions are authorised by the users themselves and processed instantly, recovering the funds becomes extremely difficult, often resulting in substantial financial losses.
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