Digital Fraud: To prevent financial fraud, the Modi government is likely to impose a 4-hour limit for digital transactions of more than Rs 2,000, including IMPS, RTGS and UPI, for the first time.
In view of the increasing cases of financial fraud through digital transactions, Modi government is going to bring a big scheme. The government is going to introduce a security measure on digital payments to reverse transactions within four hours. Under this, for the first time a limit of 4 hours is likely to be imposed for digital transactions of more than Rs 2,000, including IMPS, RTGS and UPI.
“For the first time, we are considering adding a four-hour time limit for digital transactions above Rs 2,000,” a senior government official has said. “The Reserve Bank of India, various public And will be discussed during a meeting on Tuesday with government and industry stakeholders, including private sector banks and technology companies like Google and Razorpay.
The official also said, “After making a payment to someone for the first time, you will have four hours to reverse or modify the payment. This will be on the lines of NEFT (National Electronic Fund Transfer), where the transaction takes place within a few hours. It happens.”
“Initially we did not want to have any amount limit, but through informal discussions with the industry, we realized that this could impact small purchases like groceries etc. So we are limiting the amount to less than Rs 2,000,” he said. We are planning to give exemption for transactions of Rs.
Let us tell you that when a user creates a new UPI account, he can send up to Rs 5,000 in the first 24 hours. 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.
