The Reserve Bank of India (RBI) has announced the launch of a dedicated Internet domain, ‘bank.in’, for Indian banks, and ‘fin.in’ for non-banking financial institutions (NBFCs). This move aims to enhance cybersecurity and prevent online fraud.
RBI Introduces New Bank Domain
RBI Governor Sanjay Malhotra has confirmed that starting April 2025, Indian banks will transition to the ‘.bank.in’ domain to help customers identify authentic banking websites and avoid fraudulent ones. The registration process for this domain will begin in April. Similarly, the ‘fin.in’ domain will be introduced later for NBFCs and other financial institutions.
Why the ‘.bank.in’ Domain?
The initiative comes in response to the rising number of online banking frauds. According to the RBI, this new domain system will increase customer confidence in digital banking and payment services. The Institute for Development and Research in Banking Technology (IDRBT) will serve as the exclusive registrar for the new domains.
Enhanced Security for International Transactions
In addition to the domain change, RBI has also announced the implementation of Additional Factor of Authentication (AFA) for international online transactions. Until now, this security feature was mandatory only for domestic digital payments, but soon, it will be extended to international transactions as well.
With these new measures, RBI aims to strengthen online banking security and protect customers from cyber threats.
