The government can take an important step to protect against online fraud. A large number of cases of financial fraud are coming to light, keeping this in mind the government can give the option to reverse the transaction within four hours. This will make digital payments more secure than before.
The government can take an important step to protect against online fraud. A large number of cases of financial fraud are coming to light, keeping this in mind the government can give the option to reverse the transaction within four hours. This will make digital payments more secure than before. According to the report, for the first time a limit of 4 hours can be imposed for digital transactions of more than Rs 2,000 through IMPS, RTGS and UPI.
Government will take important decision to stop fraud
According to an Indian Express report, an official said that for the first time, the government is considering adding a time limit of four hours for digital transactions of more than Rs 2,000. This will be discussed with government and industry stakeholders, including the Reserve Bank of India (RBI), public and private sector banks and technology companies like Google and Razorpay.
You will get a window of 4 hours to reverse wrong UPI transaction
According to the officer, the first question is how this will work. After paying someone for the first time, you will have four hours to revise or reverse the payment. This will be like NEFT i.e. National Electronic Fund Transfer. Where the transaction takes place after a few hours. Initially the government does not want to put a limit on the amount but a decision will be taken only after discussing it with the industry. The government realizes that this could impact small-scale purchases like groceries, etc., so we are planning to provide exemptions for transactions of less than Rs 2,000.
This is how it will work
The 4-hour window will be the same as the current UPI payment limit for new users. When a user creates a new UPI account, he can send up to Rs 5,000 in the first 24 hours. The same is the case with NEFT, where a maximum of Rs 50,000 can be transferred to the beneficiary in the first 24 hours after it is activated.
