RBI launches new domain names - bank.in and fin.in - to curb digital frauds
Indian banks will soon have an exclusive internet domain named ‘bank.in’, while NBFCs is ‘fin.in’; banks will have to migrate to new domain by April 2025
In an effort to curb digital financial frauds, Indian banks will soon have an exclusive internet domain named ‘bank.in’.
This announcement was made by the Reserve Bank of India (RBI) Governor Sanjay Malhotra, while unveiling the last bi-monthly monetary policy of this fiscal year. The apex bank also said that non-bank financial entities will have the domain name ‘fin.in’.
From April 2025, all Indian lenders will be required to migrate to the new domain 'bank.in' to help customers distinguish legitimate banking websites from fraudulent ones.
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Strengthening cybersecurity
Unveiling this new domain name, Malhotra stressed that there is an urgent need to strengthen cybersecurity measures amid rising cases of phishing scams and online banking frauds.
“The surge in digital frauds is a matter of concern, warranting action by all stakeholders,” Malhotra said.
All authorised Indian banks will be required to use websites ending in ‘bank.in’, replacing existing domains. This change will make it easier for customers to identify legitimate banking platforms and lower the risk of falling victim to fake websites created by cybercriminals.
Reports said that the Institute for Development and Research in Banking Technology (IDRBT) will act as the exclusive registrar for the domains.
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Additional security layer
The RBI also introduced another new layer of security with an additional factor of authentication (AFA) - a security feature that requires extra verification beyond passwords - for international digital transactions made to offshore merchants.
This move aims to reduce unauthorised foreign payments and prevent card fraud.
Digital security, a top priority
Digital security is now a top priority for the RBI, said Malhotra, who also urged financial institutions to invest in advanced fraud detection tools and cybersecurity measures.
The RBI has assured that it will continue to monitor frauds and put in place further safeguards for India’s fast-growing digital financial ecosystem.