Outlook Money
RBI proposes stronger safeguards for digital payments. RBI has proposed new measures, including a universal kill switch and transaction delay, to strengthen safety in India’s digital payment ecosystem.
With rapid growth in digital payments, fraud cases have also increased, pushing the RBI to explore stronger real-time protection mechanisms for users.
One of the key proposals is a universal kill switch that allows users to instantly disable UPI, cards, and net banking access.
The proposals also include stronger safeguards for senior citizens, aiming to reduce their exposure to digital fraud through better verification systems.
Along with instant controls, RBI is also exploring preventive measures that give users more time before money is transferred.
RBI has suggested a cooling-off period of around one hour for certain high-value transactions to reduce fraud and accidental transfers.
Together, these measures aim to improve trust, security, and user control in India’s fast-growing digital payments ecosystem.