RBI Introduces '.Bank.in' Domain For Indian Banks To Curb Cyber Financial Frauds; Details Inside

RBI Governor Sanjay Malhotra announced on Friday that Indians Banks will have an exclusive '.bank.in' internet domain starting April 2025 to combat financial fraud, along with stricter authentication protocols for digital transactions.

"The Reserve Bank shall implement the bank.in exclusive Internet domain for Indian banks," Malhotra said.

Malhotra emphasized that this initiative will ensure customers can distinguish legitimate banking websites from fraudulent ones. Following this, a 'fin.in' domain will be introduced for the broader financial sector.

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"The surge in digital fraud is a matter of concern. It warrants action by all stakeholders. The Reserve Bank has been taking various measures to enhance digital security in the banking and payment system,” he said, expressing concern over the surge in digital fraud.

He added, "The introduction of an additional factor of authentication for digital payments is one such measure. It is now proposed to extend this to online international digital payments made to offshore merchants who are enabled for such authentication."

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The RBI has already introduced additional authentication factors for digital payments, and this security measure will now be extended to online international transactions made to offshore merchants, ensuring safer cross-border digital payments.

The Reserve Bank today predicted that the Indian economy will grow 6.7 per cent in the upcoming financial year, up from 6.4 per cent estimated for the current fiscal.

(With Agency Inputs)