In a major move to combat the rising tide of digital payment frauds, the Reserve Bank of India (RBI) has proposed a mandatory one-hour delay for online transactions exceeding ₹10,000. This “cooling-off” period is designed to give users a chance to review and cancel transactions if they suspect a scam, acting as a digital ‘Kill Switch’.

According to the proposal, this delay will not apply to recipients added to a user’s “white list” or trusted contacts. For senior citizens, the RBI is considering even stricter safeguards, suggesting that any transfer above ₹50,000 might require the approval of a trusted nominee. Additionally, annual transactions exceeding ₹25 lakh may be held until a verification process is completed.

The central bank emphasized that scammers often create high-pressure situations, forcing victims to transfer money instantly via UPI, which is difficult to recover. This new buffer time aims to empower consumers against such tactics. The RBI has invited public feedback on these measures until May 8 before implementing the final regulations.