In a move to combat digital financial fraud, the Reserve Bank of India (RBI) has announced the introduction of an exclusive “bank.in” internet domain for banks in the country. This initiative aims to enhance cyber security, reduce malicious activities like phishing, and build trust in digital banking and payment services. The Institute for Development and Research in Banking Technology (IDRBT) will serve as the exclusive registrar for these domains, with registrations expected to begin in April 2025.
Additionally, the RBI plans to roll out a separate exclusive domain “fin.in” for non-bank entities in the financial sector. This strategic step is part of broader efforts to strengthen trust in online payments. The RBI is also introducing Additional Factor of Authentication (AFA) for cross-border card-not-present (CNP) online transactions. AFA, also known as multi-factor authentication (MFA), adds an extra layer of security by requiring multiple factors to authenticate users during digital transactions.
While the RBI has not mandated a specific factor for AFA, the digital payments ecosystem in India has predominantly relied on SMS-based one-time passwords (OTPs) for authentication. This move by the RBI is aimed at bolstering security and increasing trust in digital financial transactions. By implementing these measures, the RBI seeks to safeguard against cyber threats and ensure a secure environment for online banking and payment services.
Overall, the introduction of exclusive internet domains for banks and non-bank entities, along with the implementation of AFA for cross-border transactions, signifies the RBI’s commitment to enhancing cyber security and building trust in the digital financial landscape. These initiatives are crucial steps towards creating a more secure and resilient digital banking environment in India.
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