The Reserve Bank of India (RBI) has taken a major step to fight cyber fraud. During the Monetary Policy Committee (MPC) meeting, Governor Sanjay Malhotra announced a new, exclusive internet domain for banks called ‘bank.in’. This decision was made due to the rising cases of digital payment fraud.
Better Security for Financial Services
The aim of launching a separate internet domain is to provide better security against cyber fraud and phishing activities. This will help boost customer trust and encourage more people to use digital banking and payment services. The Institute for Development and Research in Banking Technology (IDRBT) will act as the special registrar for this domain. The registration process will start in April 2025, and detailed guidelines will be issued separately.
In the future, there are also plans to introduce a separate domain called ‘fin.in’ for non-banking financial institutions.
Helping Digital Security with AFA
To enhance digital security in banking and payment systems, the RBI is taking various steps. One important measure is the use of Additional Factor of Authentication (AFA) for secure transactions. The RBI has proposed extending AFA to online international payments for offshore merchants. The central bank has also urged banks and NBFCs to continue improving their cyber risk management strategies.
