RBI To Make Indian Banks, Non-Financial Institute Websites Safer

For all those having reservations about internet banking and its safety, the Reserve Bank of India has devised a new arrangement to ensure billions of active internet banking users. At a time when there is a huge spike in online scams and telephonic frauds, the RBI has taken several measures to help banks and non-bank financial institutions offer a secure online ecosystem for millions of users. 

In a public declaration, the RBI has announced the establishment of new internet domain names for banks and non-bank financial institutions. Registration for the new domain names will begin in April 2025 for banks and the domain for non-financial institutions will follow in the coming months.  

RBI to give new internet domain names 

For banks, RBI has chosen the bank.in domain name whereas financial institutions will rely on fin.in domain names. 

RBI Governor Sanjay Malhotra says that the Institute for Development and Research in Banking Technology (IDRBT) will act as the sole registrar for banks and non-banking financial institutions. Registrations for the bank.in domain will begin from April 2025 and it is expected that most prominent national banks will start using these website domain names in the following months. 

Once the transition to bank.in is complete, the RBI will then focus on non-banking institutions to transfer them to fin.in domain name. 

The idea behind the transition to these new domain names is to establish faith and trust in the financial sector, especially considering the mammoth rise in online scams and related cybersecurity threats. 

But that’s not all the RBI has in store. 

The financial governing institution has also introduced a layer of security for international ‘Card Not Present’ transactions. "In order to provide a similar level of safety for online international transactions using cards issued in India, it is proposed to enable AFA for international card not present (online) transactions as well," said the RBI. The introduction of Additional Factor of Authentication (AFA) is expected to boost confidence in customers to adopt digital payments. 

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