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RBI's Master Plan: One-Hour Delay to Outsmart Fraudsters

RBI's Master Plan: One-Hour Delay to Outsmart Fraudsters

The RBI is shaking up the digital payments scene with a one-hour timeout for transactions over Rs 10,000. Why? To outsmart the fraudsters who thrive on speed. They're also introducing a superhero 'kill switch' to freeze payments faster than you can say 'fraud alert.' Time to rethink your money moves, folks — safety first, speed second!

Quick rundown

  1. RBI proposes delays in high-value digital transactions to combat fraud.
  2. A one-hour cooling-off period is suggested for transactions over Rs 10,000.
  3. Trusted-person approvals may be required for transactions above Rs 50,000.
  4. A universal kill switch could allow users to instantly freeze payments.
  5. The proposals aim to balance speed with security in India's digital payments.

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