These days, we hear about many cases of fraud during online payments. Bad people trick others and take money from their bank accounts.
The government is very serious about stopping this. They might make some changes to digital payments to protect us.
For example, if two people are sending money online to each other for the first time, they might need to wait for up to four hours. And if the amount is more than Rs 2,000, there will be a four-hour waiting time.
If you are sending money to someone for the first time, you will need to wait if it’s more than Rs 2,000.
Reports say the government might make us wait for four hours for the first time we send money to someone.
So, we won’t be able to send more than Rs 2,000 to that person for four hours. Let’s see what changes like these could do.
The impact on these payment services, like UPI, will be big. It’s not just about UPI; it includes other ways of digital payments like IMPS and RTGS. These changes can help a lot in stopping cyber attacks.
Right now, if you start using UPI, you can only send Rs 5,000 in the first 24 hours.
For NEFT, you can only send up to Rs 50,000 in the first 24 hours after you start using it. You can send it all together or bit by bit.
But with the new plan, if you haven’t sent money to someone before, you’ll have to wait for four hours to send more than Rs 2,000.
During those four hours, you can cancel or change the payment. Today, the Reserve Bank of India (RBI), public
and private banks, and tech companies like Google will have a meeting about these changes.
