Discover the Government's Comprehensive Plan To Stop Frauds During The 4-Hour Window To Reverse UPI Transactions
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| Discover the Government's Comprehensive Plan To Stop Frauds During The 4-Hour Window To Reverse UPI Transactions |
How to Reverse an Incorrect UPI Transaction: First-time digital transactions over Rs 2,000, including as IMPS, RTGS, and UPI, are likely to be subject to a 4-hour time restriction.
According to a senior government source quoted in an Indian Express story, the government is going to impose a safeguard on digital payments to reverse transactions in four hours, even as incidents of financial fraud are coming to light in significant numbers. It said that for first-time digital transactions above Rs 2,000, such as IMPS, RTGS, and UPI, a 4-hour restriction is probably going to be applied.
"We intend to implement a four-hour time restriction for first digital transactions over Rs 2,000. The senior government source was quoted by IE as stating, "The topic will be discussed during a meeting with government and industry participants on Tuesday, including the Reserve Bank of India, various banks from both the private and public sectors, as well as tech companies like Google and Razorpay."
Additionally, the official said, "Basically, the way it will operate is that, after your initial payment to someone, you have four hours to reverse or change the payment. It will function similarly to the National Electronic Funds Transfer (NEFT), whereby the transaction is completed in a matter of hours. We originally intended to have no financial restriction thresholds, but after having informal conversations with the sector, we realized that this may affect small-scale purchases like groceries and other necessities. For this reason, we are now aiming to allow transactions less Rs 2,000 to proceed.
The four-hour period will resemble the present UPI payment cap for new customers. A user may transmit up to Rs 5,000 during the first 24 hours of opening a new UPI account. Similar restrictions apply to NEFT, where a beneficiary's activation allows for a maximum transfer amount of Rs 50,000 to be made in the first 24 hours.
