RBI MPC meet: The Reserve Bank of India announced on Friday that Indian banks will receive an exclusive internet domain ‘bank.in‘, whilst non-bank financial entities will get ‘fin.in‘ to address cyber security concerns. During the final bi-monthly monetary policy announcement of this fiscal year, RBI Governor Sanjay Malhotra indicated that ‘bank.in’ registrations would begin from April 2025, followed by the introduction of ‘fin.in’.
The initiative seeks to strengthen trust in the financial sector, particularly given the rising concerns about digital payment frauds. “To combat the same, the Reserve Bank of India (RBI) is introducing the ‘bank.in’ exclusive Internet Domain for Indian banks,” he stated.
This measure aims to reduce cyber security risks and phishing attempts whilst ensuring secure financial services, thereby boosting confidence in digital banking and payment systems. The Institute for Development and Research in Banking Technology (IDRBT) has been designated as the exclusive registrar.
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According to a PTI report, Malhotra further announced plans for an exclusive domain – ‘fin.in’ – intended for non-bank financial sector entities. Additionally, the RBI has opted to implement Additional Factor of Authentication (AFA) for cross-border ‘Card Not Present’ transactions to enhance security.
The central bank noted that AFA implementation for digital payments has improved transaction safety, building customer confidence in digital payment adoption. Currently, this requirement applies only to domestic transactions.
“In order to provide a similar level of safety for online international transactions using cards issued in India, it is proposed to enable AFA for international card not present (online) transactions as well,” the RBI announced. This security enhancement will apply where overseas merchants support AFA, with a draft circular forthcoming for stakeholder feedback.