The proposed Kill Switch Facility of the Reserve Bank of India is an emergency security mechanism designed to instantly freeze all financial transactions and fund transfers from a user’s bank account or digital wallet upon suspicion of fraud.
The initiative also envisages a Switch On/Switch Off feature, extending card-style security controls to digital payment systems such as UPI and internet banking. It aims to strengthen protection against cyber fraud, enhance consumer confidence in digital payments and provide users with immediate control over their funds during suspected financial scams.
APSC Relevance: Digital payments, cyber security and financial sector reforms.
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