RBI’s ‘bank.in’ Domain to Fight Financial Fraud | Aakhir Tak

Aakhir Tak – In Shorts

1. RBI launched the ‘bank.in’ domain exclusively for Indian banks to combat financial fraud.
2. The move aims to strengthen digital security and prevent malicious activities.
3. ‘fin.in’ domain will also be rolled out for the broader financial sector later.
4. Starting April 2025, all Indian banks must operate under the ‘bank.in’ domain.
5. RBI has also introduced Additional Factor of Authentication (AFA) for digital payments.

Aakhir Tak – In Depth

The Reserve Bank of India (RBI) has announced the creation of an exclusive internet domain, ‘bank.in,’ for Indian banks. This initiative is designed to tackle the growing threat of financial fraud and cybercrime, prevent malicious activities, and ultimately strengthen the country’s financial ecosystem. The introduction of the ‘bank.in’ domain is a significant step towards combating financial fraud.

Sanjay Malhotra, the newly appointed Governor of the RBI, made this announcement during the Monetary Policy Committee meeting on Friday. The central bank plans to extend this security measure further by rolling out a similar domain, ‘fin.in,’ for the broader financial sector in the near future. This highlights the RBI’s commitment to enhancing digital security across the entire financial landscape. The battle against financial fraud is a continuous process.

According to the RBI’s latest notification, the implementation of the ‘bank.in’ domain is scheduled to commence in April this year with the registration process. This proactive measure is expected to significantly contribute to preventing banking fraud by making it easier for customers to identify legitimate banking websites. From April 2025, operating under the ‘bank.in’ domain will become mandatory for all Indian banks. This will empower customers to distinguish genuine banking websites from lookalike and fraudulent sites, thereby reducing instances of digital fraud. Protecting customers from financial fraud is paramount.

In addition to the ‘bank.in’ domain, the RBI has also introduced Additional Factor of Authentication (AFA) for domestic digital payments. This move introduces stricter security measures for online banking transactions, further enhancing the safety of digital payments.

“The Reserve Bank has been taking various measures to enhance digital security in the banking and payments system. Introduction of Additional Factor of Authentication (AFA) for domestic digital payments is one such measure. It is proposed to extend AFA to online international digital payments made to offshore merchants, who are enabled for such authentication,” stated the central bank in its notification. Furthermore, the RBI urged banks and NBFCs to continuously improve preventive and detective controls to mitigate cyber risks, develop robust incident response and recovery mechanisms, and reinforce these mechanisms through periodic testing to ensure operational resilience. Staying ahead of financial fraud requires constant innovation and adaptation.

The combination of the ‘bank.in’ domain and enhanced authentication measures represents a comprehensive strategy to combat cybercrime, prevent malicious activities, and strengthen the integrity of the country’s financial ecosystem.

Aakhir Tak – Key Takeaways to Remember

• RBI introduces ‘bank.in’ domain for Indian banks to combat financial fraud.
• ‘fin.in’ domain to be rolled out for the broader financial sector.
• ‘bank.in’ domain mandatory for all Indian banks from April 2025.
• Additional Factor of Authentication (AFA) introduced for digital payments.
• Aims to combat cybercrime and strengthen the financial ecosystem.

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