Mumbai: The Reserve Bank of India, in its Payments Vision 2028 document, outlined that it was working on rules where both the customer’s bank (the issuer) and the beneficiary’s bank would jointly bear liability for unauthorised digital transactions-a significant move in the backdrop of the draft norms on OTP sharing. The central bank has proposed a series of measures aimed at strengthening consumer protection, improving system resilience and enhancing efficiency across digital payments. The introduction of a shared responsibility framework is expected to incentivise stronger fraud detection systems, better coordination between institutions and quicker intervention, enhancing trust in digital payments.

The central bank has also highlighted the success of the “switch on/off” facility for domestic and international card transactions, which allows customers to control usage and reduce fraud risks. It now plans to explore extending a similar feature across all digital payment modes, enabling users to manage transaction capabilities more effectively and strengthening confidence in the ecosystem.