RBI Introduces Exclusive 'Bank.in' and 'Fin.in' Domains to Enhance Cybersecurity
| Aspect | Details |
|---|---|
| Why in News | The Reserve Bank of India (RBI) has announced the launch of exclusive internet domain names 'Bank.in' for Indian banks and 'Fin.in' for non-banking financial entities. This move aims to enhance cybersecurity, prevent phishing attacks, and strengthen trust in digital banking. |
| Announced By | RBI Governor Sanjay Malhotra during the last bi-monthly monetary policy of the fiscal year. |
| Objective | To reduce cyber threats, prevent frauds, and promote secure financial transactions in India's banking and financial sector. |
| Exclusive 'Bank.in' Domain | - Reserved for registered Indian banks. - Registrations begin in April 2025 under RBI's supervision. - Institute for Development and Research in Banking Technology (IDRBT) will act as the exclusive registrar. |
| 'Fin.in' Domain for Non-Banks | - Assigned to Non-Banking Financial Companies (NBFCs), fintech firms, and financial entities. - Helps differentiate legitimate financial firms from fraudulent websites. - Implementation in a phased manner. |
| Cybersecurity Impact | - Protects against phishing attacks & cyber frauds. - Verifies authenticity of financial websites. - Enhances customer trust in digital banking and transactions. |
| Additional Security Measure | Introduction of Additional Factor of Authentication (AFA) for international 'Card Not Present' transactions to enhance online payment security. |
| What is AFA? | - A security measure requiring extra authentication for online transactions. - Already mandatory for domestic online payments in India. - Now being extended to cross-border transactions using Indian-issued cards. |