Banks To Have Exclusive 'bank.In' Internet Domain Name; Registration Begins On...

New Delhi: Reserve Bank of India, announcing its monetary policy on Friday said that Indian banks will have exclusive internet domain name 'bank.In' and non-bank financial entities 'fin.In'.

"The Reserve Bank shall implement the 'bank.in' exclusive Internet Domain for Indian banks... the Reserve Bank shall implement the 'bank.in' exclusive Internet Domain for Indian banks," the RBI said.

It added that this will help avoid banking frauds.

Registration of this domain name will commence from April this year. 

"Banks and NBFCs must 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," RBI added.

RBI expressed concerns that surge in digital frauds is a matter of concern, warranting action by all stakeholders.

"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," the central bank said.

The Reserve Bank said that it has been taking various measures to enhance digital security in the banking and payments system. 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.