Sending money to a new person may soon come with a short waiting period. If you transfer more than ₹10,000 to a new account, banks may introduce a mandatory one-hour delay.
This means your money will not be sent instantly. Instead, it will be held for one hour before completion. During this time, you can cancel the transaction if you feel something is wrong or made a mistake.
This step is aimed at giving customers extra time to stop fraud or accidental transfers.
Why RBI Is Focusing on ₹10,000 Transactions
The reason behind this rule is rising fraud cases. According to the Reserve Bank of India (RBI), data from the National Cyber Crime Reporting Portal shows that:
Transactions above ₹10,000 make up 45% of total fraud cases
But in terms of money lost, they account for a massive 98.5% of the total amount
Because of this, banks will also monitor such transactions more closely. If anything looks suspicious, they may alert the customer or reconfirm the payment before processing it.
No Delay for Daily Payments, Whitelist Option Available
There is good news for regular users. This delay will not apply to everyday payments like:
UPI merchant payments
E-mandates (auto payments)
Cheque transactions
To make things easier, banks will also offer a “whitelisting” feature. This allows you to mark trusted people or accounts in advance, so transfers to them can happen instantly without any delay.
