RBI New Proposal: Bank employees, too, appear displeased with this new proposal from the RBI. According to this proposal, transactions involving amounts exceeding ₹25 lakh would be permitted only from accounts that have undergone rigorous verification.
RBI New Proposal: The RBI—that is, the Reserve Bank of India—periodically explores new methods to curb fraud and scams. In line with these efforts, the RBI recently proposed implementing a one-hour delay on large digital transactions as a measure to prevent online fraud. However, several banks have expressed concerns regarding this proposal.
What Do the Banks Say?
Many banks argue that the ₹10,000 threshold set by the RBI is too low. They believe this limit should be raised to at least ₹25,000. According to bank employees, imposing a one-hour delay on transactions exceeding ₹10,000 could adversely affect the speed and efficiency of UPI and online payments.
Speaking to NDTV Profit, a senior official from a public sector bank stated that emergency payments and tax-related transactions should be exempted from this rule. Furthermore, implementing features such as a "kill switch" could prove challenging for smaller banks or those with limited technical capabilities.
What Was the RBI's Proposal?
It is worth noting that the RBI released a discussion paper last month outlining measures to combat cyber fraud. This paper put forward four key suggestions, including:
A one-hour delay on large online transactions
Additional security checks for high-value transactions
Permitting the transfer of large sums only to trusted accounts
Granting customers greater control over large digital transactions
Following this move by the RBI, stakeholders within the payments industry have argued that the rule requiring separate scrutiny for accounts receiving amounts exceeding ₹25 lakh is also impractical. They contend that fraudsters could circumvent this regulation by utilizing multiple smaller accounts. Cases of digital fraud in India are continuously on the rise. In 2025, approximately 2.8 million cases of digital fraud were reported, whereas in 2024, this figure stood at 2.4 million. Meanwhile, the total amount involved in these frauds surged to approximately ₹22,931 crore.
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