To tackle digital banking frauds, Indian banks to have special Internet domain ‘bank.in’

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According to RBI Governor Sanjay Malhotra, the bank.in domain rollout volition beryllium followed by the “fin.in” domain for the country’s fiscal sector. (File photo)

In a bid to tackle cyber information threats and rising instances of integer fraud, the Reserve Bank of India (RBI) volition present the ‘bank.in’ exclusive Internet domain for each Indian banks.

This domain, registrations for which volition commencement successful April, is expected to assistance customers place genuine and morganatic websites of banks, and steer wide of suspicious ones. According to RBI Governor Sanjay Malhotra, the ‘bank.in’ domain rollout volition beryllium followed by the ‘fin.in’ domain for the country’s fiscal sector.

Malhotra, who flagged the “surge successful integer frauds” successful India arsenic a substance of concern, besides announced that the cardinal slope proposes to widen further origin of authentication (AFA) to online planetary integer payments—using India-issued cards—made to offshore merchants who are enabled for specified authentication. Currently, AFA is mandatory for home transactions only.

“The accelerated digitalisation of fiscal services has brought convenience and ratio but has besides accrued vulnerability to cyber threats and integer risks, which are getting blase time by day. The surge successful integer frauds is simply a substance of concern, warranting enactment by each stakeholders,” Malhotra said portion announcing these 2 measures successful his connection connected the cardinal bank’s bi-monthly monetary policy.

“Banks and NBFCs indispensable continuously amended preventive and detective controls to mitigate cyber risks. They indispensable make robust incidental effect and betterment mechanisms, reinforced done periodic testing, for operational resilience,” Malhotra added.

According to the Indian cardinal bank, the caller exclusive Internet domains for the country’s banking and fiscal assemblage would assistance trim cyber information threats and malicious activities similar phishing, portion streamlining unafraid fiscal services and enhancing spot successful integer banking and outgo services.

“The Institute for Development and Research successful Banking’ Technology (IDRBT) volition enactment arsenic the exclusive registrar. The existent registrations volition commence from April 2025. Detailed guidelines for banks volition beryllium issued separately. Going forward, it is planned to person an exclusive domain viz, ‘fin.in’ for different non-bank entities successful the fiscal sector,” the RBI said successful a release.

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On the further origin of authentication for planetary online payments, the cardinal slope said that it wants specified transactions to person a level of information akin to integer payments wrong India.

“Introduction of Additional Factor of Authentication (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. 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,” the RBI said.

Sukalp Sharma is simply a Senior Assistant Editor with The Indian Express and writes connected a big of subjects and sectors, notably vigor and aviation. He has implicit 13 years of acquisition successful journalism with a assemblage of enactment spanning areas similar politics, development, equity markets, corporates, trade, and economical policy. He considers himself an above-average photographer, which goes good with his emotion for travel. ... Read More

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