Overview
- RBI, in a discussion paper released Thursday, proposed a one‑hour cooling‑off for account‑to‑account transfers above ₹10,000 to let senders cancel suspicious payments.
- The lag would target person‑to‑person payments on systems like UPI and IMPS, with exemptions for merchant payments, recurring debits and cheques, plus options to whitelist trusted payees.
- Extra safeguards under review include requiring a trusted person’s approval for transactions above ₹50,000 by users aged 70 and over or persons with disabilities, with opt‑out choices and cooling‑off rules.
- Further ideas include capping annual credits into certain accounts at ₹25 lakh with excess kept as “shadow credit” until verified, and a one‑click kill switch to shut all digital payments if fraud is suspected.
- The paper cites NCRP data showing reported fraud cases rose to about 2.8 million and losses to roughly ₹230 billion between 2021 and 2025, and it invites public feedback by May 8 before any rules are drafted.