Banks to have 'bank.In' internet domain name, non-banks 'fin.In': RBI

In bid to cheque cyber information threats, the Reserve Bank connected Friday decided that Indian banks volition person exclusive net domain sanction 'bank.In' and non-bank fiscal entities 'fin.In'.

Unveiling the past bi-monthly monetary argumentation of this fiscal year, RBI Governor Sanjay Malhotra said registrations for 'bank.In' volition commence from April 2025, and going guardant 'fin.In' volition beryllium introduced.

The determination is aimed astatine enhancing spot successful the fiscal sector, helium said adding the accrued instances of fraud successful integer payments are a important concern.

"To combat the same, the Reserve Bank of India (RBI) is introducing the 'bank.In' exclusive Internet Domain for Indian banks," helium said.

The inaugural aims to trim cyber information threats and malicious activities similar phishing, and streamline unafraid fiscal services, thereby enhancing spot successful integer banking and outgo services.

The Institute for Development and Research successful Banking Technology (IDRBT) volition enactment arsenic the exclusive registrar. Going forward, Malhotra said it is planned to person an exclusive domain -- 'fin.In' -- for non-bank entities successful the fiscal sector.

The RBI besides decided to present an further furniture of information by enabling Additional Factor of Authentication (AFA) successful cross-border 'Card Not Present' transactions. The cardinal slope said that instauration of AFA for integer payments has enhanced the information of transactions which, successful turn, provided assurance to customers to follow integer payments.

This requirement, however, is mandatory for home transactions only.

"In bid to supply a akin level of information for online planetary transactions utilizing cards issued successful India, it is projected to alteration AFA for planetary paper not contiguous (online) transactions arsenic well," the RBI said.

This volition supply an further furniture of information successful cases wherever the overseas merchant is enabled for AFA. Draft circular volition beryllium issued soon for feedback from stakeholders.