RBI Strengthens Financial Cybersecurity with Exclusive Domains

The Reserve Bank of India is introducing exclusive internet domains 'bank.in' for Indian banks and 'fin.in' for non-bank financial entities to enhance cybersecurity and trust. These initiatives will address digital payment fraud and improve financial service security. AFA will also be added for cross-border transactions.

In an effort to tackle cyber security threats, the Reserve Bank of India (RBI) announced new measures on Friday, granting Indian banks an exclusive internet domain name 'bank.in' and non-bank financial entities with 'fin.in'.

Presenting the last bi-monthly monetary policy of the fiscal year, RBI Governor Sanjay Malhotra projected registrations for 'bank.in' to begin in April 2025, with 'fin.in' to follow. This move, he stated, aims to enhance trust in the financial sector amid rising digital payment fraud.

Additionally, the RBI will introduce an added security layer by enabling Additional Factor of Authentication (AFA) in cross-border 'Card Not Present' transactions, aiming to boost transaction safety and consumer confidence in adopting digital payments.

(With inputs from agencies.)