RBI announces new domains, "Bank.in, fin.in," to combat cybercrime.

In announcing the final bi-monthly monetary policy of this fiscal year, the RBI Governor stated that "bank.in" registrations would open in April 2025.

On Friday, the Reserve Bank of India declared that Indian banks will soon have their own unique domain name, "bank.in." Non-bank financial entities would use the domain name "fin.in," the apex bank noted. The decision was made to strengthen online financial security and prevent financial fraud.

When announcing the final bi-monthly monetary policy of current fiscal year, RBI Governor Sanjay Malhotra stated that registrations for "bank.in" will start in April 2025, and that "fin.in" will be introduced after that.

The action is intended to increase confidence in the financial industry, he continued. Additionally, he expressed alarm about cases of digital payment fraud.

According to news agency PTI, he stated, "The Reserve Bank of India (RBI) is introducing the 'bank.in' exclusive Internet Domain for Indian banks to combat the same."

The project is expected to streamline secure banking services and lessen cyber security dangers and criminal activities like phishing.

The domains will be exclusively registered with the Institute for Development and Research in Banking Technology (IDRBT).

By allowing an Additional Factor of Authentication (AFA) in international "Card Not Present" transactions, the RBI has also made the decision to add an extra degree of protection.