Knowledge Nugget: RBI proposes ‘Kill Switch’ for payment safety. What it is and why it matters
Indian Express·2d ago·Neutral
What Happened
The Reserve Bank of India proposed a 'kill switch' mechanism to enhance digital payment security and reduce online fraud. The move addresses rising digital payment fraud cases, with approximately 28 lakh cases reported in 2025, resulting in Rs 22,931 crore losses. RBI's discussion paper outlines various safeguards for digital transactions.
Key Entities
Reserve Bank of India (RBI)Kill Switch mechanismDigital payment fraudNational Cyber Crime Reporting Portal (NCRP)Digital transactions