Exclusive ‘bank.in’ domain name for Indian banks, additional factor authentication for international digital payments: RBI

RBI monetary policy meeting: Reserve Bank of India (RBI) Governor Sanjay Malhotra, who held his first policy review announcements meeting today, spoke about various measures the central bank is undertaking to enhance digital security.

Governor Malhotra said that the RBI will implement the ‘bank.in’ exclusive internet domain for Indian banks, in an attempt to prevent banking frauds. He also said that commencement of the registration for this domain name will start from April.

The apex bank will then initiate the registration of the ‘fin.in’ domain name for the financial sector.

Speaking about the various measures the RBI has been taking to enhance digital security in the banking and payments system, the Governor said, “Introduction of Additional Factor of Authentication (AFA) for domestic digital payments is one such measure. It is proposed to extend AFA to online international digital payments made to offshore merchants, who are enabled for such authentication.”

The Governor said that the rapid digitalisation of financial services has brought convenience and efficiency but has also increased exposure to cyber threats and digital risks, which are getting sophisticated day by day, adding that the surge in digital frauds is a matter of concern.

He urged banks and NBFCs to continuously improve preventive and detective controls to mitigate cyber risks. “They must develop robust incident response and recovery mechanisms, reinforced through periodic testing, for operational resilience,” said the Governor.