New Delhi, April 12 -- The Reserve Bank of India (RBI) has proposed a set of changes aimed at curbing the sharp rise in online frauds. While these safeguards may slightly slow down digital payments, they are intended to make transactions safer.

In a discussion paper released on Thursday, the central bank has suggested measures such as a one-hour delay for certain transactions, mandatory additional authentication for vulnerable users, caps on credits into bank accounts, and a "kill switch" to block payments.

"Over the past decade, digital payments in India have expanded at an unprecedented pace. Digital transaction volumes have increased 38-fold, while transaction values have more than tripled," RBI noted in the discussion paper, highlig...