India’s Central Bank Introduces Exclusive “.bank.in” Domain for Banks

RBI’s Efforts to Combat Digital Payment Frauds

India’s central bank is introducing an exclusive “.bank.in” domain for banks from April 2025 as part of efforts to combat rising digital payment frauds and bolster trust in online banking services.

The Institute for Development and Research in Banking Technology (IDRBT) will serve as the exclusive registrar for the new domain, the Reserve Bank of India said in a statement on Wednesday. The central bank plans to roll out a separate ‘fin.in’ domain for non-bank financial institutions.

Governor Sanjay Malhotra’s Concerns

“Increased instances of fraud in digital payments are a significant concern,” said RBI Governor Sanjay Malhotra, adding that the new domain system aims to reduce cyber security threats and malicious activities like phishing. The move comes as India grapples with a surge in digital payment frauds and predatory lending apps.

The central bank said it would issue detailed guidelines to banks separately for the new initiative, which is designed to help users distinguish legitimate banking websites from fraudulent ones.

FAQs

Q: When will the “.bank.in” domain be introduced?

A: The exclusive “.bank.in” domain for banks is set to be introduced in April 2025.

Q: Who will serve as the registrar for the new domain?

A: The Institute for Development and Research in Banking Technology (IDRBT) will be the exclusive registrar for the “.bank.in” domain.

Q: What is the purpose of introducing this new domain system?

A: The new domain system aims to combat digital payment frauds, reduce cyber security threats, and bolster trust in online banking services.

Q: How will the central bank help users distinguish legitimate banking websites?

A: The central bank will issue detailed guidelines to banks for the new domain initiative to help users differentiate between legitimate and fraudulent banking websites.

Q: What other domains are planned for introduction?

A: The central bank plans to roll out a separate ‘fin.in’ domain for non-bank financial institutions.

Q: What are the concerns raised by RBI Governor Sanjay Malhotra?

A: Governor Sanjay Malhotra expressed concerns about the increasing instances of fraud in digital payments and highlighted the importance of addressing cyber security threats and malicious activities like phishing.

Credit: techcrunch.com