The Reserve Bank of India (RBI) has proposed new rules under which digital transfers of more than Rs 10,000 from one bank account to another would be credited only after a one-hour delay.
The central bank said the move is aimed at controlling digital payment fraud and preventing customers from being tricked into sending money. During the one-hour window, customers who realise they have been defrauded would be able to cancel the transaction.
RBI has also suggested additional protections for senior citizens and persons with disabilities. Under the proposal, transactions above Rs 50,000 by these users would require approval from a pre-designated “trusted person”.
In addition, a special feature is proposed to let customers instantly disable all digital transactions during high-risk periods or when fraud is suspected. RBI said public and bank feedback on the draft rules will be accepted until May 8, after which final guidelines will be issued.
