Mumbai, Feb 07 – In a major move to tackle rising online financial frauds, the Reserve Bank of India (RBI) has announced the launch of an exclusive ‘.bank.in’ internet domain for Indian banks. Governor Sanjay Malhotra introduced this initiative while unveiling the Monetary Policy on Friday.
Starting April 2025, all Indian banks will be required to use the ‘.bank.in’ domain, making it easier for customers to identify legitimate banking websites and avoid scams. Additionally, the RBI plans to introduce a ‘.fin.in’ domain for the broader financial sector in the near future.
Stronger Authentication for Digital Payments
With digital fraud on the rise, Malhotra emphasized the need for collective action. “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.
To further strengthen security, the RBI will extend additional authentication measures to online international payments made to offshore merchants. This builds on existing security layers already in place for domestic transactions, ensuring safer cross-border digital payments.
Expanding Financial Market Access
The RBI also introduced new measures to enhance financial market participation and risk management:
- New Forward Contracts for Government Securities: Aimed at long-term investors like insurance funds, this will improve pricing efficiency and better manage interest rate risks.
- Greater Retail Access to Government Securities: The RBI has expanded access to the NDS-OM platform, which facilitates secondary market trading of government bonds. Non-bank brokers registered with SEBI will now be allowed to participate, further deepening the bond market.
- Review of Market Trading & Settlement Timings: A working group will assess and streamline trading and settlement hours across different RBI-regulated financial markets, with a report expected by April 30, 2025.
Banking Sector Remains Strong
The RBI noted that the credit-deposit ratio (CDR) stood at 80.8% as of January 2025, maintaining stability since September 2024. Despite a slight moderation in net interest margins, banks continue to have adequate liquidity buffers, with strong Return on Assets (RoA) and Return on Equity (RoE). The financial health of Non-Banking Financial Companies (NBFCs) also remains solid.
With these proactive steps, the RBI is reinforcing digital security, market efficiency, and financial stability, ensuring a safer and more accessible banking system for customers across India.
