The government plans to set a new limit when transferring funds to a new person to control online fraud by initiating this new regulation on UPI transfers above a particular amount.
4-Hour Gap for Initial UPI Transfers
RBI has said it could help prevent online scams that are increasing daily. Government officials plan to add a gap of 4 hours on the amount of Rs. 2,000 or more for the first-ever transaction made to the new users. They are taking a cap of rs 2,000 to facilitate the users’ spending on daily life products or groceries.
How this will work is that when you make a payment of Rs. 2,000 or more to a new person, with which you have not made any transaction yet, then it will take a time of 4 hours to settle, and in the meantime, you will be able to revise the UPI transfer.
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