Highlights:
- Exclusive ‘.bank.in’ domain for Indian banks to prevent phishing attacks.
- IDRBT to manage domain registrations, starting April 2025.
- ‘.fin.in’ domain planned for NBFCs and fintech companies.
- Initiative enhances cybersecurity and customer trust in digital banking.
In a landmark move to strengthen cybersecurity in the financial sector, the Reserve Bank of India (RBI) has announced the introduction of an exclusive ‘.bank.in’ domain for Indian banks. This initiative aims to curb phishing attacks, enhance online security, and instill greater trust in digital banking and payment services.
Strengthening Cybersecurity Amid Rising Digital Fraud
With the surge in digital transactions, cyber fraud and phishing attempts have become a growing concern. Fraudsters often create fake websites that mimic legitimate banking portals, tricking customers into sharing sensitive information. The new domain initiative will allow customers to verify the authenticity of a bank’s website before conducting online transactions, reducing the risk of financial fraud.
RBI Governor Sanjay Malhotra highlighted the importance of the initiative, stating, “This move will enhance trust in digital banking and payment services while significantly reducing the risk of cyber threats.”
IDRBT to Manage Registrations
The Institute for Development and Research in Banking Technology (IDRBT) has been appointed as the exclusive registrar for the ‘.bank.in’ domain. Banks will be able to register for the new domain starting April 2025, with detailed guidelines for implementation set to be released soon.
‘.fin.in’ for Non-Banking Financial Entities
In addition to banks, RBI is also planning a separate domain, ‘.fin.in’, dedicated to non-banking financial institutions (NBFCs), fintech companies, and other financial service providers. This step is expected to create a secure and authenticated online environment for the broader financial sector.
Global Precedents and Security Benefits
This move aligns with global cybersecurity trends. In 2015, financial trade associations collaborated to launch the ‘.bank’ domain, managed by fTLD Registry Services. This exclusive domain has been successful in creating a safer online space for banks worldwide, and RBI’s decision to introduce a similar domain for Indian banks is a proactive measure to safeguard digital transactions.
Customer Awareness and Adoption
For customers, the introduction of the ‘.bank.in’ domain means they can easily verify whether a bank’s website is legitimate before entering sensitive details. Financial institutions are expected to transition to the new domain over time, and RBI may introduce awareness campaigns to educate users about the benefits of checking domain authenticity before making transactions.
With the implementation of ‘.bank.in’ and the upcoming ‘.fin.in’, RBI is taking a decisive step toward strengthening digital security in India’s financial ecosystem. As cyber threats continue to evolve, such proactive measures will play a crucial role in ensuring safe and seamless digital banking experiences for millions of users across the country.
