Mumbai, Feb 7
The Reserve Bank of India (RBI) has introduced a new ‘bank.in’ internet domain for Indian banks to prevent online fraud and make digital banking safer.
Why This Step?
With the rise in digital payments, there has also been an increase in cyber frauds, like phishing (fake emails and messages that steal personal information). The ‘bank.in’ domain will ensure that customers can easily recognize genuine bank websites and avoid falling for scams.
Who Will Manage This?
The Institute for Development and Research in Banking Technology (IDRBT) will handle registrations for this domain. Banks will be able to register for ‘bank.in’ starting April 2025.
Additionally, the RBI also plans to introduce ‘fin.in’, a special domain for other financial service providers, ensuring a more secure online financial ecosystem.
Stronger Security for Online Transactions
To further enhance security in online payments, the RBI has made an extra security step (called Additional Factor of Authentication or AFA) mandatory for international online transactions using Indian cards.
What is AFA?
AFA is an extra step to verify a payment—like entering an OTP (One-Time Password) when making a digital payment. It is already required for online payments within India, but now, it will also apply to international payments where the merchant supports AFA.
Why Is This Important?
This step will make online transactions safer, reduce fraud, and increase confidence in digital payments. A draft of the new rules will be shared soon, and banks and financial companies will be able to give their feedback before it is fully implemented.
How Will Banks Use AFA?
Banks will analyze each transaction’s risk based on factors like:
- Transaction amount (higher amounts may require stronger security)
- Where the transaction is coming from (domestic or international)
- Customer’s past transaction history
With ‘bank.in’ and ‘fin.in’ domains, as well as stricter security measures for online payments, the RBI is taking strong steps to protect customers and make digital banking safer in India.
