RBI proposes lagged credit for push payments, kill switch to mitigate financial fraud
To mitigate financial fraud, the Reserve Bank of India (RBI) on Thursday proposed lagged credit for authorised push payments and a control or kill switch for digital payments.
To mitigate financial fraud, the Reserve Bank of India (RBI) on Thursday proposed lagged credit for authorised push payments and a control or kill switch for digital payments.
It further proposed limiting aggregate credits in an account to help counter the problem created by mule accounts, and the designation of a trusted person to authenticate high-value transactions for citizens aged 70 years and above and persons with disabilities.
The central bank proposed these norms in a discussion paper released on Thursday amid a rise in fraudulent activities targeting customers. It announced the discussion paper as part of its statement on developmental and regulatory policies during the February monetary policy meeting.
