RBI to introduce '.bank.in and '.fin.in' domain for Indian banks to tack rising financial fraud

The Reserve Bank of India (RBI) has unveiled a series of measures aimed at boosting online security, reducing financial fraud and enhancing market infrastructure. 

As part of the latest monetary policy, RBI Governor Sanjay Malhotra introduced an exclusive internet domain, “.bank.in,” for Indian banks. Registration is set to begin in April 2025, giving customers an easier way to identify legitimate banking websites and avoid fraudulent platforms.

Malhotra said the central bank is concerned about the rise in digital fraud and emphasized that concerted efforts are necessary to protect consumers.

Launching ".fin.in"

The RBI will follow the “.bank.in” domain launch with “.fin.in” for the broader financial sector. According to Malhotra, these steps are crucial for ensuring tighter security in an era of growing digital transactions.

"Increased instances of fraud in digital payments are a significant concern. To combat the same, the Reserve Bank of India (RBI) is introducing the 'bank.in' exclusive Internet Domain for Indian banks. This initiative aims to reduce cyber security threats and malicious activities like phishing; and, streamline secure financial services, thereby enhancing trust in digital banking and payment services," the RBI said in a statement.

He also announced that an additional factor of authentication (AFA) for digital payments will now be extended to cover online international payments made to offshore merchants. This measure builds on the existing AFA framework for domestic payments and is intended to protect users from unauthorized transactions beyond India’s borders.

Forward contracts and deeper bond market access

To help financial institutions manage interest rate risks more effectively, the RBI will add forward contracts in government securities to its existing range of interest rate derivative products.

Malhotra said this new instrument will benefit long-term investors, such as insurance funds, by allowing better risk management across different interest rate cycles.

The RBI will also expand access to the Negotiated Dealing System-Order Matching (NDS-OM) platform, which allows for secondary market trading of government securities.

Under the new framework, non-bank brokers registered with the Securities and Exchange Board of India will be permitted to participate, leading to a more diverse and active bond market.