Tightening the noose is the government is trying to reduce the number of incidents of online payment fraud. When two persons transact more than a certain amount for the first time, a minimum time limit can be imposed. Four hours is one conceivable time limit for the initial transaction. As to the Indian Express article, users can make digital payments for any purchase that exceeds Rs 2,000. But there’s a chance that this procedure will impede digital payments as well. However, it’s equally imperative to allay worries about cyber security. If it is put into practice, digital payments via RTGS, UPI, and IMPS may be handled by it.
What is this scheme?
This plan won’t be restricted to just delaying the initial transaction following account creation. Instead, Government will apply to all initial transactions between two users, irrespective of the nature of the transaction’s initial record. Currently, the maximum amount you can transmit in the first 24 hours after opening a UPI account is five thousand rupees. Similar to this, a maximum of Rs 50,000 can be paid (all at once or in installments) via National Electronic Funds Transfer in a single day. However, under the new arrangement, the first transaction above Rs 2000 will have a four-hour window.
This implies that you will have four hours
from the time you make the initial payment to cancel or change it. Government said that at first there was no intention to impose any payment caps. However, it was discovered through casual conversations with the sector that this might have an effect on small-scale or grocery purchases. As a result, we intend to offer discounts on transactions under Rs 2,000.
Maximum fraud in 2022–2023
The RBI Annual Report 2022–23 states that during the fiscal year 2022–2023. The digital payment category in banks had the most number of fraud instances reported. An estimated 13,530 fraud cases totaling a total of Rs 30,252 crore were reported in FY 2023. Approximately 6,659 incidents, or 49% of the total, had to do with online transfers or digital payment cards. On the other hand, talks of such actions were already underway. However, the pace quickened following the UCO Bank case in Kolkata, wherein the bank’s account holders received a credit of Rs. 820 crore via IMPS. The bank had stated in a statement last week that the problem was discovered as a result of technical issues in IMPS during November 10-13.
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