Big decision of RBI, now there will be a ‘hold’ of 1 hour for online transfer of more than Rs 10 thousand, know what is the new rule

RBI New Guidelines: The Reserve Bank of India (RBI) is now preparing to bring more stringent rules to prevent online fraud. To make digital payments secure, RBI has proposed that some new security arrangements be made on transactions above Rs 10,000. This step is being taken especially keeping in mind the frauds happening through ‘Authorized Push Payments’ (APP). The main objective of this initiative is to keep the money of common people safe and to eliminate frauds during online banking.

What changes is RBI making?

The biggest change is that if you send more than Rs 10,000 to a new person or account, that money will not be transferred immediately. RBI has suggested keeping a ‘waiting time’ of 1 hour for this. During this one hour you will have the facility to cancel the transaction. Its advantage is that if you have even the slightest suspicion of fraud or money goes to the wrong account by mistake, you will be able to stop it in time.

More fraud in more than 10 thousand transactions

According to RBI, in cyber crime cases, the number of transactions of more than Rs 10,000 may be only 45 percent, but about 98.5 percent of the total amount defrauded falls in this category. To prevent this huge loss, RBI has shown special strictness on these big transactions. Apart from this, now banks will immediately alert the customer on any suspicious transaction and ask for re-approval before completing the payment, so that there is no possibility of fraud.

Read this also-How to check PF balance through SMS without internet sitting at home? Know the easiest way

‘Whitelisting’ facility will be available

This rule will not apply to payments made to shopkeepers like shopping through UPI, e-mandate or cheque, so that your daily shopping is not affected. Apart from this, customers will also get the facility of ‘Whitelisting’, through which you will be able to put your trusted accounts in the safe list in advance and the one hour delay rule will not be applicable on them. This step of RBI is mainly to protect you from fraud and make digital banking more reliable.