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RBI’s New Cybersecurity Move: Exclusive ‘Bank.in’ and ‘Fin.in’ Domains for Banks and NBFCs
Posted on Friday, February 7th, 2025 | By IndusInd Bank
Reflecting on the rising online transaction frauds and the need for stricter authentication protocols for digital transactions, RBI Governor Sanjay Malhotra has introduced exclusive internet domains—‘bank.in’ for banks and ‘fin.in’ for non-banking financial companies (NBFCs). This strategic move is aimed at bolstering cybersecurity in banking and enhancing trust in digital financial services.
The Need for Enhanced Cybersecurity
With India’s impressive expansion in digital transactions, the frequency of cyber fraud incidents has dramatically increased— from 75,800 cases in the FY2023 to an astounding 2,92,800 cases in FY 2024. Consequently, the money lost increased from ₹421.4 crore in FY 2023 to ₹2,054.6 crore in FY 2024. (Source: Cyber fraud in banking transactions surges in FY24)
Fraudsters often create deceptive bank websites with URLs resembling those of legitimate financial institutions, stealing login credentials, card details, and personal information. This underscores the need for robust cybersecurity measures in the banking sector.
RBI’s Initiative for Digital Fraud Prevention
To combat cybersecurity challenges, the RBI has announced the launch of exclusive internet domains: ‘bank.in’ for banks and ‘fin.in’ for NBFCs. The introduction of these domains is expected to streamline access to secure and easily identifiable online space for consumers. This initiative is part of a broader digital fraud prevention strategy and is expected to reduce cybersecurity threats and malicious activities like phishing, thereby streamlining secure financial services and enhancing digital payment security.
Authentication Protocols for Digital Payment Security
Apart from the new domains, the RBI has also proposed implementing an Additional Factor of Authentication (AFA) for international ‘Card Not Present’ transactions conducted overseas. This requirement is mandatory for domestic transactions and will provide a similar level of safety for international transactions using cards issued in India.
Implementation Timeline
The Institute for Development and Research in Banking Technology (IDRBT) is the exclusive registrar for these domains. Starting from April 2025, all authorized Indian banks will be required to migrate to the .bank.in domain, while NBFCs will use the .fin.in domain. This move will make it easier for customers to identify legitimate banking platforms and reduce the risk of falling victim to fake websites created by cybercriminals.
Fortifying Consumer Trust
The introduction of ‘bank.in’ and ‘fin.in’ domains is a remarkable step towards enhancing consumer confidence in the digital financial ecosystem. By providing a secure and easily recognizable online environment, customers can more readily identify legitimate financial institution platforms, reducing the risk of falling victim to fraudulent websites.
The Vision of RBI
Under the leadership of RBI Governor Sanjay Malhotra, the central bank has been proactive in addressing cybersecurity concerns. While unveiling the Monetary Policy for this fiscal year, he emphasized the importance of stability and continuity in policymaking, as well as the urgent need to strengthen cybersecurity measures to safeguard the financial system against emerging threats.
Future Outlook
As the financial sector continues to evolve, the RBI’s initiatives reflect a commitment to strengthening cybersecurity in financial services. The introduction of exclusive domains and the implementation of advanced authentication protocols are critical in ensuring a secure financial ecosystem for all. These measures not only protect consumers but also uphold the integrity of India’s financial system in the digital age. In conclusion, RBI’s new cybersecurity move represents a forward-thinking approach to digital fraud prevention. By enhancing cybersecurity measures and promoting secure financial services, the RBI is paving the way for a safer and more trustworthy digital banking experience for all Indians.
