The Reserve Bank of India (RBI) has announced a new
initiative aimed at bolstering cybersecurity in the banking and financial
sector. Starting April 2025, Indian banks will have access to an
exclusive ‘bank.in’ domain, while non-banking financial entities
will operate under ‘fin.in’. This move is designed to reduce cyber
fraud and enhance online financial security.
During the final bi-monthly monetary policy
announcement of the fiscal year, RBI Governor Sanjay Malhotra emphasized
that this step is crucial to strengthening trust in the financial ecosystem. He
expressed concerns over the rise in digital payment fraud and
highlighted that this measure will provide a safer environment for financial
transactions.
"To tackle cybersecurity threats and fraud, the RBI is
launching an exclusive ‘bank.in’ domain for Indian banks," Malhotra
stated, as per PTI reports.
The Institute for Development and Research in Banking
Technology (IDRBT) has been designated as the sole registrar for these
domains, ensuring their credibility and security.
Stronger Security Measures for Digital Transactions
In addition to the domain-based security, the RBI has
introduced an Additional Factor of Authentication (AFA) for international
‘Card Not Present’ (CNP) transactions. This added layer of security will
enhance the safety of online transactions made using Indian-issued credit
and debit cards on international platforms.
RBI Lowers Interest Rates, Forecasts 6.7% Economic Growth
Alongside the cybersecurity measures, the RBI projected a
6.7% GDP growth for the upcoming fiscal year, up from the previous estimate
of 6.4%. Household consumption is expected to remain strong, supported
by the tax relief measures introduced in the Union Budget 2025-26.
In a notable move, the Monetary Policy Committee (MPC),
chaired by Governor Malhotra, unanimously voted to reduce the repo rate
by 25 basis points to 6.25%—marking the first rate cut since May 2020.
These decisions highlight the RBI’s dual focus on
economic growth and financial security, ensuring a safer and more
efficient digital finance ecosystem for India.