Say Goodbye to Phishing! RBI’s ‘Bank.in’ & ‘Fin.in’ to Secure Online Banking

In a groundbreaking move to fortify cybersecurity in India’s financial sector, the Reserve Bank of India (RBI) has introduced exclusive internet domains: ‘bank.in’ for Indian banks and ‘fin.in’ for non-banking financial entities. This initiative aims to enhance trust in digital banking and curb rising cyber fraud. Here TICE brings you key details of this initiative. 

Exclusive Domains to Combat Digital Fraud

RBI Governor Sanjay Malhotra announced the initiative while presenting the final bi-monthly monetary policy of the fiscal year. The registration for ‘bank.in’ will begin in April 2025, while ‘fin.in’ will follow at a later stage.

“The increasing threat of digital fraud necessitates stringent security measures. By assigning exclusive and verified domain names to banks and financial institutions, RBI aims to reduce phishing attacks, identity fraud, and unauthorized transactions,” Malhotra stated.

The Institute for Development and Research in Banking Technology (IDRBT) will serve as the sole registrar for these domain names, ensuring that only legitimate financial entities acquire them.

Additional Security for International Transactions

Alongside domain security, the RBI is introducing Additional Factor of Authentication (AFA) for international ‘Card Not Present’ (CNP) transactions. Currently, AFA is mandatory for domestic digital payments but lacks enforcement in international transactions using Indian-issued cards.

“To enhance global transaction security, we propose enabling AFA for international online payments as well,” the RBI stated.

A draft circular on this policy will be released for stakeholder feedback before its implementation.

Reinforcing Consumer Confidence in Digital Banking

As digital banking and fintech services expand rapidly, the RBI’s initiatives are expected to instill greater confidencein online transactions. The exclusive domain names ‘bank.in’ and ‘fin.in’ will act as a clear marker of authenticity, helping consumers distinguish between legitimate and fraudulent platforms.

With India’s digital economy on a fast track, these cybersecurity measures will play a crucial role in protecting financial transactions, mitigating risks, and fostering a safer banking environment for millions of users.

Moreover, financial institutions are expected to strengthen their cybersecurity frameworks by integrating advanced encryption methods and artificial intelligence-based fraud detection. Experts believe that collaborations between the RBI, fintech companies, and cybersecurity firms will further bolster digital trust.

By proactively addressing cybersecurity concerns, the RBI is setting a benchmark for secure digital banking in India, reinforcing the nation’s position as a global fintech leader. The success of ‘bank.in’ and ‘fin.in’ will depend on quick adoption, robust implementation, and consumer awareness regarding safe online banking practices.

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