RBI introduces a new ‘.bank.in’ internet domain

RBI Governor Sanjay Malhotra introduced a new ‘.bank.in’ internet domain for Indian banks and stricter authentication protocols for digital transactions, as part of his unveiling of the Monetary Policy.

• In a bid to reduce online financial fraud, the RBI will implement the ‘bank.in’ domain exclusively for banks in India starting April 2025.
• This initiative will ensure customers can distinguish legitimate banking websites from fraudulent ones.
• Following this, a ‘fin.in’ domain will be introduced for the broader financial sector.
• The RBI has already introduced additional authentication factors for digital payments, and this security measure will now be extended to online international transactions made to offshore merchants, ensuring safer cross-border digital payments.
• To help market participants manage interest rate risks, the RBI has expanded its suite of interest rate derivative products.