If any complaint comes in, then the bank person knows the system, whom to call and stop the fraud transaction. Kolkata-based UCO Bank had reported the credit of Rs 820 crore to account holders of the bank via IMPS earlier this month. “If a bank account is not getting used and then someone else buys it out, then one can receive money in that account. The current consideration includes introducing a four-hour window to process the first transaction between two parties for payments over Rs 2,000. While the process is expected to add friction in digital payments, government officials believe it is necessary to mitigate cybersecurity concerns.

Source: Indian Express November 28, 2023 11:19 UTC