RBI launches ‘Bank.in, Fin.in’ to tackle cyber financial fraud
The Reserve Bank of India (RBI) announced a new initiative to curb financial fraud. Banks will get the exclusive domain ‘bank.in,’ while non-bank financial entities will use ‘fin.in.’
RBI Governor Sanjay Malhotra unveiled this plan while presenting the last bi-monthly monetary policy of the fiscal year. Registrations for ‘bank.in’ will start in April 2025, with ‘fin.in’ launching later.
Malhotra stressed the need to boost trust in digital banking. He highlighted rising fraud cases in online payments and emphasized this initiative’s role in strengthening financial security.
The move aims to reduce phishing attacks and cyber threats while streamlining secure banking services. The Institute for Development and Research in Banking Technology (IDRBT) will manage domain registrations.
To further improve security, the RBI proposed adding an additional factor of authentication (AFA) for international online card transactions. This step will enhance safety for cardholders making digital payments abroad.
Meanwhile, the RBI forecasted a 6.7% growth rate for India’s economy in the next fiscal year, up from the current estimate of 6.4%. Malhotra expects strong household consumption, supported by tax relief measures in the Union Budget 2025-26.
In a significant policy shift, the RBI’s monetary policy committee cut interest rates for the first time in nearly five years. The six-member panel, led by Malhotra, unanimously lowered the benchmark repurchase rate by 25 basis points to 6.25%. This marks the first rate cut since May 2020.
