Nowadays, many cases of online payment fraud are coming to light. Cyber criminals cheat people and withdraw money from their bank accounts. The government is also very serious about this matter. To prevent online banking fraud, the government can make some changes in digital payments. If two people are doing a digital transaction with each other for the first time, then they may have to wait for up to four hours. In such cases, the amount of payment will not exceed Rs 2,000.
If you are sending money to someone for the first time, you will not be able to transfer more than Rs 2,000. According to reports, the government may set a waiting period of four hours for the first transaction between two people. This means that you are with that person for four hours. money transfer will not be able to do. Let us see what effect these changes may have.
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Impact on these payment services including UPI
If these changes related to banking payments are implemented, then its impact will not be limited to Unified Payments Interface (UPI) only. According to the report, the proposed changes will also be applicable to digital payment methods like Immediate Payment Service (IMPS) and Real Time Gross Settlement (RTGS). These changes can help a lot in dealing with cyber attacks.
How much money can I transfer now?
At present, if a user creates an account on UPI, he can transfer only Rs 5,000 in the first 24 hours. In case of National Electronic Fund Transfer (NEFT), only up to Rs 50,000 can be sent within 24 hours after activation. You can send them together or in pieces.
Meeting of RBI, banks and tech companies
However, according to the new plan, if you have never transacted with a person before, then you will have to wait for four hours to send more than Rs 2,000 to him. You will have four hours to cancel or change the payment. Reserve Bank of India (RBI), public and private banks, and tech companies like Google will hold a meeting today on this issue.
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