The Reserve Bank of India (RBI) announced on Friday that Indian banks will soon have a dedicated internet domain, ‘bank.in,’ while non-bank financial institutions will use ‘fin.in.’ This move aims to strengthen online financial security and combat cyber fraud.

During the unveiling of the fiscal year’s final bi-monthly monetary policy, RBI Governor Sanjay Malhotra stated that registrations for ‘bank.in’ will begin in April 2025, with ‘fin.in’ to follow.

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Highlighting concerns over digital payment fraud, Malhotra emphasized that this initiative seeks to enhance trust in the financial sector. “To combat the same, the Reserve Bank of India (RBI) is introducing the ‘bank.in’ exclusive Internet Domain for Indian banks,” he said, as quoted by PTI.

The RBI believes this initiative will help curb cybersecurity threats like phishing and ensure safer financial transactions. The Institute for Development and Research in Banking Technology (IDRBT) will oversee domain registrations.

Additionally, the central bank announced the introduction of an Additional Factor of Authentication (AFA) for foreign ‘Card Not Present’ transactions to enhance security for international online card payments. “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,” the RBI stated.

RBI Cuts Interest Rate, Forecasts 6.7% Economic Growth

The Reserve Bank projected a 6.7% growth rate for India in the upcoming financial year, up from the 6.4% estimate for the current fiscal.

Governor Malhotra noted that household consumption is expected to stay strong, supported by tax relief in the Union Budget 2025-26.

For the first time in nearly five years, the RBI’s monetary policy committee decided to cut interest rates. The six-member panel, led by Malhotra, unanimously voted to lower the benchmark repurchase rate by 25 basis points to 6.25%, marking the first cut since May 2020.