RBI Introduces Exclusive ‘bank.in’ Domain for Indian Banks
In a decisive move to enhance cybersecurity and prevent digital banking frauds, the Reserve Bank of India (RBI) introduces an exclusive Internet domain, ‘bank.in’, for all Indian banks. This initiative aims to help customers identify genuine banking websites, reducing the risk of phishing attacks and online fraud.
Registrations for this domain will commence in April 2025, ensuring that banks transition to a verified and secure online presence. RBI Governor Sanjay Malhotra also announced plans to introduce another domain, ‘fin.in’, for financial institutions outside the banking sector.
How ‘bank.in’ Will Strengthen Digital Banking Security
With the rise in digital banking frauds, the RBI’s initiative is expected to curb cyber threats and enhance online banking security. Fraudsters often create fake bank websites to deceive customers into sharing their login credentials and financial details. By ensuring that only authorized banks use the ‘bank.in’ domain, customers can easily identify legitimate banking platforms.
According to the RBI, the Institute for Development and Research in Banking Technology (IDRBT) will serve as the exclusive registrar for the domain. Banks will be required to migrate to this new domain, and detailed guidelines will be issued soon.
RBI Plans Additional Factor Authentication (AFA) for International Payments
Alongside the ‘bank.in’ initiative, the RBI is set to introduce Additional Factor Authentication (AFA) for international online transactions using India-issued debit and credit cards.
Currently, AFA is mandatory only for domestic transactions, leaving international digital payments vulnerable to fraud. By extending AFA to overseas transactions, the RBI aims to provide an extra layer of security for Indian customers when making payments to foreign merchants. A draft circular for feedback from stakeholders will be released soon.
RBI’s Call for Stronger Cybersecurity in Banking
During his bi-monthly monetary policy statement, Governor Sanjay Malhotra emphasized that while digital banking offers convenience and efficiency, it has also increased exposure to cyber threats and sophisticated fraud techniques.
He urged banks and NBFCs to continuously improve cybersecurity measures, including:
- Stronger fraud detection systems
- Robust incident response strategies
- Periodic security audits and testing
How Customers Can Stay Safe from Digital Frauds
While RBI and banks strengthen cybersecurity, customers should also take precautions to protect their online banking transactions:
- Always check that a bank’s website ends with ‘bank.in’ before entering personal details.
- Enable two-factor authentication for additional security.
- Avoid clicking on unverified links in emails or messages claiming to be from a bank.
- Regularly update passwords and monitor bank statements for suspicious activity.
Conclusion: A Major Step in Securing India’s Digital Banking Ecosystem
With the launch of ‘bank.in’, RBI is taking a critical step toward a safer digital banking experience. Alongside Additional Factor Authentication (AFA) for international payments, these measures will strengthen online banking security and boost customer confidence in digital transactions.
As cyber threats continue to evolve, proactive security measures by banks and awareness among customers will be crucial in safeguarding India’s financial system.
Stay updated with the latest news and other trending updates! Visit Vakilsearch News for exclusive insights.
- RBI Introduces ‘bank.in’ Domain to Combat Digital Banking Frauds - February 7, 2025
- New Income Tax Bill 2025: Cabinet Likely to Approve on Friday - February 6, 2025
- Government Enforces Quality Compliance for 150+ Products - February 6, 2025
