New measures by the Reserve Bank of India (RBI) to boost online security and curb financial fraud. RBI Governor Sanjay Malhotra presented the “.bank.in” domain only for Indian banks as part of its latest monetary policy. It easily allows customers to identify proper banking websites and prevent fake ones. Registration opens in April 2025.
Increasing Digital Security
Malhotra cited the fact that more digital fraud cases have been reported and stated that there is an obvious need for all-inclusive efforts to safeguard consumers and create confidence in digital banking. Building on “.bank.in”, the RBI will also introduce “.fin.in” for the financial sector at large. It is expected that these new gTLDs can further enhance cybersecurity, protect financial transactions, and save against phishing attacks. Increased cases of fraud in digital payments are a major concern. To address this, RBI is launching the ‘.bank.in’ domain to reduce cyber threats and enhance security in digital banking and payments,” the RBI said in a statement.
Additional Security Measures
To further safeguard consumers, the RBI will extend the Additional Factor of Authentication to international online payments, which include those transactions made to offshore merchants. This is in addition to the existing AFA framework for domestic transactions and, in turn, helps prevent unauthorized cross-border payments.
Enhancing Market Access for Financial Products
The RBI will introduce forward contracts in government securities to strengthen India’s financial markets. This new instrument will allow financial institutions to manage interest rate risks more effectively. Long-term investors, such as insurance funds, will benefit from this new instrument. They will be able to hedge risks over different interest rate cycles.
Furthermore, RBI will open access to NDS-OM for trading government securities on secondary markets. As a part of the new structure, the non-bank brokers, which are registered with SEBI, would be able to trade through the system. Hence, this bond market is more diverse and dynamic.
Conclusion
The RBI takes the lead to strengthen the country’s financial architecture, cyber safety, and deliver a secure banking experience in a digitalized arena for its citizens. Launching “.bank.in” and “.fin.in” domains are milestones toward eliminating the fraud and deceit of the virtual world against this financial system.
