FINANCE
Your payments may get slower, but more secure
Soon, if you send over Rs 10,000 to someone through UPI or other digital channels, there may be a 1-hour lag.
The RBI has proposed such a lag to give users time to cancel transactions if they suspect a scam. This won't apply to merchant payments.
The central bank has also proposed 'kill switches' for users to disable all digital payments instantly.
What's in it for you?
- •SLOWER BUT SECURE PAYMENTS: There may be a lag for bigger payments, though you may be allowed to whitelist some accounts. But this could make digital payments more secure, especially as online scams are on the rise.
- •PROTECTION FOR SENIOR CITIZENS: The RBI has also proposed customers of 70+ age use approval of a "trusted person" for transactions over Rs 50,000. You could ask elders in your family if they want this option.
- •SHARE YOUR FEEDBACK: You can share feedback on these points with RBI by May 8. You can access the feedback page here.
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