To curb the growing number of online payment frauds, the government plans to introduce a minimum time limit for first-time transactions between two people above a certain amount. This means that for the first time when 2 people mak
e a digital payment transaction, they can send up to Rs.2000. If you want to send money above Rs.2,000, you have to wait for 4 hours. For all transactions above Rs.2000, there will be a time interval of 4 hours.
While the process is expected to add some complications to digital money transactions, officials feel it is necessary to mitigate cyber security concerns. The move, if finalized, will cover a wide range of digital payments through Instant Payment Service (IMPS), Real-Time Cross Settlement (RTGS), and Unified Payments Interface (UPI).
For example, currently, when a user creates a new UPI account, a maximum of Rs 5,000 can be sent in the first 24 hours. Similarly, in National Electronic Funds Transfer (NEFT), in the first 24 hours after the activation of the beneficiary, Rs. 50,000 (in whole or in part) may be transferred.
ctions. The matter will be discussed during a meeting on Tuesday with government and industry stakeholders, including the Reserve Bank of India, various public and private sector banks, and technology companies such as Google and RazerPay.
But, as per the current new scheme, one user can transfer Rs. A time limit of 4 hours applies for every first
payment above 2,000. “Rs. We Plan to add a 4-hour time limit for more than 2,000 first-time digital transa
“How it will work is that after paying someone for the first time, you have 4 hours to withdraw or modify the payment plan ,” said a senior government official on condition of anonymity.
According to RBI’s annual report, banks saw maximum fraud in the digital payment segment in the financial year 2022-23. In the financial year 2023, the total number of fraud cases in the bank was 13,530, which means a total fraud of Rs 30,252 crore was committed. Of this, nearly 49 percent or 6,659 cases are of the digital payment Plan – card/internet – category.
