RBI's digital payment safety proposals address a critical problem. Digital fraud incidents surged from 260,000 cases worth 551 crore in 2021 to 2.8 million cases worth 22,931 crore in 2025. The central bank's discussion paper proposes four key safeguards: lagged credit for transfers above 10,000 rupees, mandatory authentication by a trusted person for vulnerable users making payments over 50,000 rupees, stricter account review processes, and customer-controlled limits. These measures aim to create a buffer period allowing banks and customers to intercept fraudulent transactions before funds are irreversibly transferred. While the proposals are broadly welcome and align with international standards, implementation must balance security with user convenience to avoid creating unnecessary friction in legitimate transactions.
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