In a significant step towards strengthening digital security in the banking sector, the Reserve Bank of India (RBI) has introduced the ‘bank.in’ internet domain. This initiative, announced during a recent Monetary Policy Committee (MPC) meeting led by newly appointed Governor Sanjay Malhotra, aims to curb the rising cases of cyber fraud in India’s banking ecosystem.
Purpose of the ‘Bank.in’ Domain
With financial fraud incidents increasing by 27% in the first half of the fiscal year, the ‘bank.in’ domain is designed to:
✔ Help customers identify legitimate banking websites
✔ Prevent phishing attacks and online scams by distinguishing fraudulent sites from authentic ones
✔ Enhance customer trust and secure digital transactions
This move comes in response to the growing number of cyber fraud cases that have plagued the banking sector, emphasizing the urgent need for a secure and verified online banking infrastructure.
Role of IDRBT in the Implementation
The Institute for Development and Research in Banking Technology (IDRBT) will serve as the exclusive registrar for the ‘bank.in’ domain. The RBI has mandated that:
- Only verified banking institutions will be eligible to register under the domain
- Banks will receive detailed guidelines on the registration process
- The RBI will strictly monitor the allocation of domains to prevent misuse
By streamlining the domain registration process, the RBI seeks to ensure that only genuine banks operate under the ‘bank.in’ extension, thereby reducing instances of impersonation and online banking fraud.
Rising Cases of Banking Fraud
Recent statistics indicate a sharp increase in financial fraud across India’s banking sector:
- In the first half of the fiscal year, the number of fraud incidents rose to 18,461
- The financial losses due to fraud amounted to a staggering ₹21,367 crore
This data highlights the critical need for stronger cybersecurity measures, and the ‘bank.in’ domain is a proactive step towards protecting customers from digital threats.
Future Expansion: ‘Fin.in’ for Non-Bank Financial Entities
Recognizing the broader need for secure financial transactions, the RBI also plans to introduce ‘fin.in’ for non-bank financial entities (such as NBFCs, digital lenders, and payment service providers).
- Registration for ‘bank.in’ will commence in April 2025
- ‘Fin.in’ is expected to follow shortly after
This expansion aims to enhance security across the entire financial services sector, ensuring that both banks and non-banking institutions operate under trusted and verifiable domains.
Strengthening Cybersecurity in Banking
As cyber threats continue to evolve, RBI Governor Sanjay Malhotra emphasized the importance of robust security frameworks in banking institutions. The central bank has urged financial entities to:
- Develop strong incident response mechanisms
- Regularly test and upgrade cybersecurity systems
- Ensure operational resilience against emerging cyber threats
Summing Up
The launch of ‘bank.in’ marks a significant milestone in India’s fight against financial fraud. By ensuring that only verified banks can operate under this domain, the RBI is taking proactive measures to safeguard customers, enhance trust, and promote secure online banking practices.
With registrations set to begin in April 2025, this initiative is expected to revolutionize digital banking security in India, paving the way for a more resilient financial ecosystem.