Big News on UPI Transactions! You have four hours to reverse a UPI transaction; see details

 Big News on UPI Transactions! You have four hours to reverse a UPI transaction; see details

Big News on UPI Transactions! You have four hours to reverse a UPI transaction; see details

The government has the authority to take significant action to prevent internet fraud. In light of the many financial fraud incidents that are becoming public, the government offers the opportunity to reverse the transaction within four hours. Digital payments will become more secure as a result of this.

The government has the authority to take significant action to prevent internet fraud. In light of the many financial fraud incidents that are becoming public, the government offers the opportunity to reverse the transaction within four hours. Digital payments will become more secure as a result of this. According to the article, digital transactions like IMPS, RTGS, and UPI worth more than Rs 2,000 may now be subject to a 4-hour time restriction for the first time.

The government will make crucial decisions to combat fraud.

An official reportedly said that the government is contemplating imposing a four-hour time restriction for digital transactions totaling more than Rs 2,000 for the first time, according to an Indian Express story. Government and industry representatives, such as the Reserve Bank of India (RBI), banks from the public and private sectors, and tech firms like Google and Razorpay, would be consulted about this.

You have four hours to reverse an incorrect UPI transaction.

The officer said that the main concern is how this would operate. You will have four hours after making your initial payment to someone to edit or reverse the transaction. This will function similarly to National Electronic Fund Transfer, or NEFT. where, a few hours later, the deal is completed. The government does not intend to set a cap on the amount at first, but it will only make a decision after consulting with the industry. The government plans to provide exemptions for transactions totaling less than Rs 2,000 since it understands that this may have an impact on small-scale purchases like food and other necessities.

This is how it will function.

The 4-hour timeframe and the existing UPI payment limit for new users will remain the same. A user may transmit up to Rs 5,000 during the first 24 hours of opening a new UPI account. Similarly, with NEFT, the recipient may receive up to Rs 50,000 in transfers within the first 24 hours of its activation.