Mumbai, India – February 2025
In a significant move to enhance digital banking security, the Reserve Bank of India (RBI) has announced the introduction of an exclusive “.bank.in” domain for Indian banks. This initiative, aimed at reducing financial fraud, was revealed by RBI Governor Sanjay Malhotra during the latest Monetary Policy presentation on Friday. The new domain is set to launch in April 2025, according to a report by ANI.
Governor Malhotra stated, “The Reserve Bank shall implement the bank.in exclusive Internet domain for Indian banks,” emphasizing the RBI’s commitment to safeguarding customers from fraudulent websites.
Enhancing Digital Security
The “.bank.in” domain will help customers easily identify legitimate banking websites and prevent cybercriminals from deceiving users through fake banking platforms. Following its launch, the RBI also plans to introduce a “.fin.in” domain tailored for the broader financial sector.
Highlighting the growing concern over digital fraud, Malhotra said, “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.”
To further strengthen security, the RBI is expanding its authentication measures for digital transactions. One of the key steps includes extending the additional factor of authentication for online international digital payments made to offshore merchants who have this feature enabled.
Other Key RBI Initiatives
Apart from digital security measures, the RBI has introduced several initiatives aimed at enhancing market efficiency and financial stability:
- Expansion of Interest Rate Derivative Products
- A new forward contract for government securities will be introduced.
- This will benefit long-term investors, including insurance companies and pension funds, by improving derivative pricing and risk management.
- Broadening Access to Government Securities Market
- The NDS-OM platform, which facilitates secondary market trading of government securities, will now be accessible to SEBI-registered non-bank brokers.
- This move is expected to increase retail participation and further deepen the bond market.
- Review of Trading and Settlement Timings
- A working group will be set up to review trading and settlement timings across RBI-regulated financial markets.
- The group, consisting of various financial stakeholders, will submit its report by April 30, 2025.
Conclusion
With these new initiatives, the RBI aims to strengthen the digital banking infrastructure, enhance market functionality, and safeguard consumers from financial fraud. The introduction of “.bank.in” and “.fin.in” domains, along with stricter authentication protocols, highlights RBI’s proactive approach to securing the digital financial ecosystem.