Digital fraud cases are on the rise in India. Countless people have lost millions of rupees to cyber fraudsters. Multiple cases of fraud have also come to light by creating fake sites that look like the websites of various financial institutions, including banks.
The Reserve Bank of India (RBI) is going to launch a new domain to increase the security of digital payments. The new internet domain for Indian banks will be 'bank.in,' and 'fin.in' will be the new internet domain for non-banking financial companies in the country. RBI Governor Sanjay Malhotra announced the new domain at a press conference after the Monetary Policy Committee meeting.
The Reserve Bank of India (RBI) said, "There are concerns about the increasing number of frauds in digital payments. To deal with this situation, exclusive internet domains will be launched for Indian banks. This initiative is aimed at strengthening cybersecurity and reducing various related risks. This will increase the credibility of digital banking and payment services."
The Institute for Development and Research in Banking Technology (IDRBT) will work on the registration of this new domain. Registration for the 'bank.in' domain will start from April 2025. Similarly, the registration of the 'fin.in' domain will also be done. However, the RBI has not yet said when the domain work for the financial sector will start.
If the new domain is added to the banking website, it will be easier to identify the banking and financial institution's website. Customers can easily identify it. Experts say that this will reduce the possibility of cyber fraud by creating fake websites. At the same time, the security of digital transactions will also increase.
