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RBI's New Rule: One-Hour Delay on Big Digital Payments!

RBI's New Rule: One-Hour Delay on Big Digital Payments!

The Reserve Bank of India is shaking things up! Starting soon, any digital payment over ₹10,000 will have a one-hour delay to help fight fraud. During this time, banks will hold the cash and give customers a chance to cancel if something seems fishy. Plus, some folks may need a trusted buddy to help with big transactions. It's all about keeping your money safe!

Quick rundown

  1. RBI proposes a one-hour delay for digital payments over Rs 10,000.
  2. Additional authentication for vulnerable users suggested by RBI.
  3. 45% of fraud cases involve transactions over Rs 10,000.
  4. A 'trusted person' can authenticate high-value transactions for vulnerable users.
  5. RBI's measures aim to tighten monitoring while minimizing disruption.

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