RBI Introduces Exclusive Domains to Enhance Digital Payment Security
In a strategic move to bolster digital payment security and mitigate rising cyber threats, the Reserve Bank of India (RBI) has announced the introduction of exclusive internet domains for financial institutions. This initiative aims to enhance trust in digital banking and payment services.
Addressing Rising Digital Payment Frauds
The RBI has expressed significant concern over the increasing instances of fraud in digital payments. To combat these challenges, the central bank is introducing the ‘bank.in’ exclusive internet domain for Indian banks. This initiative aims to reduce cybersecurity threats and malicious activities like phishing, thereby enhancing trust in digital banking and payment services.
Implementation Timeline and Oversight
The Institute for Development and Research in Banking Technology (IDRBT) has been designated as the exclusive registrar for these domains. Registrations for ‘bank.in’ are scheduled to commence in April 2025. Additionally, the RBI plans to introduce a similar domain, ‘fin.in’, for non-bank entities in the financial sector, further promoting security and trust across the entire financial ecosystem.
Enhancing Consumer Confidence in Digital Banking
By establishing these dedicated domains, the RBI seeks to make it easier for consumers to identify legitimate financial services and reduce the risks of cyber fraud. This move is expected to streamline access to secure financial services and enhance customer confidence in digital banking. Detailed guidelines for banks regarding the new domains will be issued shortly, with the aim of creating a safer and more trustworthy digital environment for all users of banking and financial services in India.
This proactive measure by the RBI underscores its commitment to safeguarding the integrity of the digital financial ecosystem and protecting consumers from evolving cyber threats.
