The Reserve Bank of India (RBI) has announced a major change in online banking security. Starting April 2025, Indian banks will transition to a dedicated ‘.bank.in’ domain, while non-banking financial institutions (NBFCs) will use ‘fin.in’. This move is aimed at curbing online fraud and improving cybersecurity.
RBI’s New Bank Domain Initiative
RBI Governor Sanjay Malhotra stated that the shift to ‘.bank.in’ will help customers easily identify genuine banking websites and avoid fraudulent ones. The registration for this new domain will begin in April, followed by the rollout of the ‘fin.in’ domain for the broader financial sector.
Why is This Change Happening?
With the rise in digital banking frauds, RBI wants to increase customer trust in online banking and payment services. The Institute for Development and Research in Banking Technology (IDRBT) will manage the registration process for these domains.
Stronger Security for International Transactions
RBI has also decided to introduce Additional Factor of Authentication (AFA) for international online transactions. Until now, AFA was required only for domestic digital payments, but soon it will be mandatory for global transactions as well.
These steps are part of RBI’s efforts to enhance online banking security and protect users from cyber threats.
