Reserve Bank of India announced plan to consider removing two-factor authenticationrequirement for small-value transactions up to Rs. 3,000 (roughly $47 USD) Security experts believe the move would result in increased fraudulent transactions and a big loss of investments made in systems and software to enable the same. The cost implications for banks will be significant–as most transactions are under Rs.3,000. For a 1000-user platform, the bank will spend about Rs 3 lakhs on setting up the SMS platform to create OTP.”]
Source: https://www.cuinfosecurity.com/critics-to-rbi-dont-ease-security-a-7852