In today’s meeting of the Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC), Governor Sanjay Malhotra announced the launch of a new internet domain for banks.
This move comes in response to the growing cases of fraud in digital payments.
To tackle cyber fraud, RBI has introduced the exclusive ‘bank.in’ domain for Indian banks.
Financial services will have enhanced security
The goal of launching a separate domain for banks is to enhance security for financial services and reduce cyber fraud and phishing.
This initiative aims to encourage more people to use digital banking and payment services, boosting customer confidence.
The Institute for Development and Research in Banking Technology (IDRBT) will serve as a special registrar.
The domain registration process will begin in April 2025, with detailed guidelines for banks to be issued later.
In the future, there are plans for a separate domain, ‘fin.in,’ for non-banking institutions in the financial sector.
AFA helps improve digital security
The Reserve Bank is implementing several measures to enhance digital security in the banking and payment systems.
One such measure is the Additional Authentication Factor (AFA) for domestic digital payments.
There is also a proposal to extend this AFA to online international payments made to overseas merchants.
Additionally, RBI emphasized that banks and NBFCs must continue improving efforts to reduce cyber risks.
