In an attempt to Improve cyber security and strengthen public confidence in digital bank, India’s reserve bank . Digital financing landscape. It includes not only bank websites but all customers online customers have access to.
RBI -Governor Sanjay Malhotra Originally, the announcement announced under the MPC’s monetary policy committee (MPC) held on February 7, which was officially formalized through a circular issued on April 22.
From the front, RBI also intends to introduce a similar domain – ‘fine.in’ – to serve financial institutions outside the traditional banking sector. This enlargement reflects a broader effort to bring all regulated financial units under a uniform and secure digital identity system.
RBI hopes to be able to lay a stronger basis for trust, security and resilience in India’s ecosystem for digital finances by establishing domain exclusivity for financial institutions.
“It has now been decided to operational. said in the circular.
“Banks can contact idrbt at (E -post protected) to initiate the registration process. Idrbt shall guide the banks on different aspects related to application Process and migration to new domain. All banks are recommended to start the migration of their existing domains to the domain ‘.bank.in’ and complete the process at the earliest and at least, by October 31, 2025, ‘ mentioned.
In its February 7 ‘Statement on development and regulatory policy‘, RBI said it increased Fraud in digital payments is a significant problem. As part of its strategy for dealing with these threats, RBI has launched a dedicated Internet Domain – ‘Bank.in’ – exclusively for Indian banking institutes. This movement is designed to create a safer digital environment by minimizing risks such as Fishing fraud and other forms of online fraud.
To introduce “bank.in” domain representing a proactive approach to protecting digital bank channels and reinforcement consumer confidence In financial transactions online. By providing a reliable and verified URL for all legitimate banking services, RBI aims to streamline access to secure financial platforms and reduce the likelihood of customers Falling Swap for fraudulent sites.
Responsibility for managing and monitoring domain registrations under ‘Bank.in’ will rest at the Institute for Development and Research in Banking Technology (IDRBT). As the only authorized registrar, IDRBT will facilitate the registration process. The banks will receive separate extensive guidelines for implementation to ensure a smooth transition to the new domain frame.
Digital payment security
RBI has taken several measures to ensure the safety of digital transactions. This is especially important because India expects its digital economy to grow almost twice as fast as the total economyContributes to almost a fifth of national income and exceeds one trillion brand 2029-30. India’s digital economy was 11.74% of national income 2022-23 and is likely to increase to 13.42% in 2024-25. India’s digital economy 2022-23 was approximately $ 402 billion in gross domestic product (BDP).
Earlier this year, RBI implemented a “additional factor for authentication” (AFA) to improve the security of digital payment transactions. RBI said that this feature has played a key role in increasing consumer confidence and encouraging broader adoption of digital payment methods.
“In order to provide a similar level of security for international transactions online using cards issued in India, it is also proposed to enable AFA for international cards that do not exist (online) transactions as well. This will provide a further layer of security in cases where the foreign merchant is activated for AFA. Drafts to circular will be issued short for feedbacks, the cards will be issued.
RBI has also carried out campaigns for public awareness of various media, such as text messages, TV and digital ads, during the initiative ‘RBI Kehta Hai’ (RBI says). RBI is now expanding its outreach by adding Whatsapp as an additional way to deliver messages about public awareness.
“Through the verified” Reserve Bank of India “account at WhatsApp, we strive to make important financial information more accessible to everyone, regardless of their geographical location. This initiative will ensure that important information reaches people in a simple, directly and effective manner, which strengthens trust and resilience in our digital financial ecosystem,” RBI said in a statement.
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