RBI to launch exclusive ‘.bank.in’ and ‘.fin.in’ domains to strengthen financial security
PTC Web Desk: In a significant move to enhance online financial security and combat cyber fraud, the Reserve Bank of India (RBI) has announced the introduction of exclusive internet domains for financial institutions. Indian banks will soon operate under ‘.bank.in’, while non-banking financial entities will have access to ‘.fin.in’, ensuring greater trust and security in the digital banking sector.
Announcing the decision during the last bi-monthly monetary policy review of this fiscal year, RBI Governor Sanjay Malhotra confirmed that registrations for ‘bank.in’ will commence in April 2025, with ‘fin.in’ following thereafter.
He emphasised that the initiative is designed to mitigate fraud in digital transactions and create a more secure online financial ecosystem. The Institute for Development and Research in Banking Technology (IDRBT) has been designated as the exclusive registrar for these domains.
Alongside this initiative, the RBI has also announced a crucial enhancement in security for international card-not-present (CNP) transactions. To align with domestic security standards, an Additional Factor of Authentication (AFA) will be implemented for online international transactions made using Indian-issued payment cards.
“With the rise in digital payment frauds, this additional layer of security will provide a safer experience for Indian users conducting transactions abroad,” the RBI stated.
The Reserve Bank has projected that India’s economy will grow at 6.7% in the next financial year, an increase from the 6.4% estimate for the current fiscal. According to Governor Malhotra, household consumption is expected to remain strong, supported by tax relief measures announced in the Union Budget 2025-26.
In a historic policy shift, the RBI’s six-member Monetary Policy Committee (MPC) has also decided to cut interest rates for the first time since May 2020. The benchmark repurchase (repo) rate has been lowered by 25 basis points to 6.25%, a move expected to boost economic growth and ease borrowing costs for businesses and consumers.
- With inputs from agencies
