First Online payment of more than Rs 2000 will take 4 hours preparation to stop online fraud
That means, if you send more than Rs 2,000 to someone for the first time, the payment will reach within 4 hours. This will cause problems to those doing digital transactions. Digital payments may decline, but officials feel it is important to reduce cyber fraud.
According to the report of Indian Express, the government is thinking of increasing the time taken for the first transaction between two people. There may be a time limit of 4 hours for the first online payment of more than Rs 2,000. This will not only delay UPI payments, but Immediate Payment Service (IMPS), Real Time Gross Settlement (RTGS) can also be brought under this scope.
Remember that a user creating a UPI account for the first time can transfer Rs 5,000 in the first 24 hours. At the same time, after NEFT is activated, the user can transfer up to Rs 50 thousand in the first 24 hours. If the new rule comes, if two people doing the transaction for the first time send and receive a digital payment above Rs 2,000, it will take 4 hours.
Citing RBI's 2022-23 report, the report says that the highest number of frauds have been reported in the digital payment category in banks. A total of 13,530 cases involved fraud worth Rs 30,252 crore. Out of these, about 49 percent cases were of digital payment.
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