I don't have any problem with Indian banks adopting a mandatory delay before money can be transferred to a newly-added payee [likely at the instructions of our RBI], in the name of safety. However, I do have a problem with banks not allowing this even to folks who are willing to assume all the risks upon themselves. For example, I'm willing to tell my bank that it should allow me to transfer any amount even to a newly-added payee [and also that I should be able to instantly activate a new payee, rather than having to wait for 30 minutes], and that I take upon myself any financial fraud risk this brings. But banks won't allow this, thus artificially making the online process slower and more cumbersome than offline methods [like issuing cheques].
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