The Reserve Bank of India (RBI) Governor Sanjay Malhotra on Friday announced introducing the ‘bank.in’ exclusive Internet domain for Indian banks.
He announced the initiative aims to reduce cyber security threats and malicious activities like phishing; and, streamline secure financial services, thereby enhancing trust in digital banking and payment services.
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The actual registrations will commence from April 2025, and the Institute for Development and Research in Banking’ Technology (IDRBT) will act as the exclusive registrar.
Going forward, it is planned to have an exclusive domain, viz., ‘fin.in’ for other non-bank entities in the financial sector.
The central bank also announced to introduce Additional Factor of Authentication (AFA) for international card not present (online) transactions as well. The move will provide safety for online international transactions using cards issued in India.
An additional layer of security will be provided in cases where the overseas merchant is enabled for AFA.
Last week, Governor Sanjay Malhotra had a meeting with MDs and CEOs of public and private sector banks where he flagged the concerns regarding bank frauds.
RBI Governor had acknowledged the important role played by the banks in building resilience of the domestic financial system while highlighting some of the main vulnerabilities present globally that can pose downside risks.
