In a bid to prevent fraud in digital transactions, India’s central bank is set to introduce a dedicated domain, “.bank.in,” for banks in April. This initiative is expected to enhance customer trust in online banking, according to a report by TechCrunch.
The Reserve Bank of India (RBI) announced that the Institute for Development and Research in Banking Technology (IDRBT) will serve as the sole registrar for the new domain. Additionally, a separate domain, “fin.in,” will be launched exclusively for non-banking financial institutions.
RBI Governor Sanjay Malhotra stated, “Fraud in digital transactions is rising at an alarming rate, which is a major concern for us. The new domain system will mitigate cybersecurity risks and help prevent fraudulent activities such as phishing.”
As digital transactions continue to grow in India, the number of fraudulent lending apps and scams has also surged. In response, the central bank has introduced this initiative to enhance security in the financial sector.
The RBI has confirmed that banks will soon receive detailed guidelines regarding the new initiative. This measure aims to help customers identify legitimate banking websites and stay protected from fraudulent platforms.
