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As digital fraud continues to rise, the Reserve Bank of India (RBI) has announced new measures to enhance online security in the financial sector. RBI Governor Sanjay Malhotra revealed that Indian banks will soon have a dedicated internet domain name, 'bank.in', while non-bank financial entities will use 'fin.in'.

The registration for 'bank.in' will begin in April 2025, with 'fin.in' to follow later. This initiative is aimed at strengthening trust in digital banking and reducing the risks associated with cyber fraud.

Enhancing Cybersecurity in Banking

With the increasing instances of fraud in digital payments, the RBI is stepping up efforts to make online financial transactions safer. The Institute for Development and Research in Banking Technology (IDRBT) will serve as the exclusive registrar for these new domains, ensuring secure and authentic online interactions for customers.

Additionally, the RBI is introducing an Additional Factor of Authentication (AFA) for international 'Card Not Present' transactions. While AFA is already mandatory for domestic digital payments, this new requirement will extend the security layer to online international transactions using Indian-issued cards.

Strengthening Trust in Digital Payments

The RBI emphasized that AFA has already improved security in domestic digital payments, boosting customer confidence. Now, the central bank wants to extend the same protection to international transactions, provided that the overseas merchant supports AFA. A draft circular will soon be issued for feedback from stakeholders.

Repo Rate Cut for the First Time Since 2020

In another key decision, the RBI's Monetary Policy Committee, led by Governor Malhotra, reduced the repo rate by 25 basis points to 6.25%—the first cut in nearly two-and-a-half years. This marks the first revision since May 2020 and is expected to provide relief to borrowers while supporting economic growth.

With these steps, the RBI aims to create a more secure and resilient financial ecosystem, ensuring that customers can trust digital banking and payment systems in an increasingly digital world.


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