Here's how RBI plans to thwart bank crimes with domains 'bank.in' and 'fin.in'

In a significant move to enhance digital security, the Reserve Bank of India (RBI) has announced an exclusive ‘bank.in’ domain for Indian banks, set to roll out from April 2025. The initiative aims to curb banking fraud by ensuring customers can distinguish legitimate banking websites from fraudulent ones.

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RBI Governor Sanjay Malhotra unveiled the plan at the Monetary Policy Committee meeting, highlighting that a ‘fin.in’ domain for the broader financial sector will follow soon. By mandating banks to operate under ‘bank.in’, the RBI seeks to eliminate lookalike phishing sites that trick customers into sharing sensitive financial information.

To further tighten security, the RBI has also introduced Additional Factor of Authentication (AFA) for domestic digital payments. This security measure will soon be extended to international online payments, reducing risks associated with cyber fraud.

The central bank has directed banks and NBFCs to strengthen cybersecurity controls, improve fraud detection mechanisms, and implement robust incident response strategies. Periodic testing will be conducted to ensure operational resilience.

By enforcing secure domain usage and stricter authentication protocols, RBI’s initiative will help mitigate cyber threats, prevent unauthorized transactions, and safeguard customers’ financial data. This move is expected to significantly reduce digital banking crimes, reinforcing India’s financial security framework.