Nagpur: The Indian Government is contemplating introducing a minimum time threshold for transactions occurring for the first time between two individuals beyond a prescribed amount. This could entail a four-hour window for transactions above Rs 2,000.
As a significant share of the peer-to-merchants and peer-to-peer transactions routed through this payments architecture are of less than Rs 2,000, it shows how widely this payments system is being used.
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However, accompanying this surge in digital transactions, has also been a sharp rise in digital/financial frauds. As per the Reserve Bank of India’s annual report, in 2022-23, 6,659 digital frauds (card/in-ternet) were reported amounting to Rs 276 crore.
This is up from 3,596 fraudulent transactions worth Rs 155 crore reported in the year before. To curb the growing incidence of such online frauds, the government is now planning to introduce some measures.
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