The Governor of India’s central bank, Sanjay Malhotra, issued a strong warning on Friday regarding the rising instances of fraud in digital payments, urging financial institutions to take proactive steps against cyber threats. He announced that the Reserve Bank of India (RBI) would be introducing exclusive and secure domain names for banks and non-bank financial entities as part of efforts to curb fraudulent activities in the digital space.
Malhotra, an engineer from the Indian Institute of Technology Kanpur, highlighted that the rapid adoption of technology by banks and consumers in India has unfortunately also led to an increase in cyberattacks, digital frauds, and data breaches. As more services move online, fraudsters are exploiting vulnerabilities, particularly through the use of misleading domain names that deceive users into revealing sensitive information or completing fraudulent transactions.
To counter this, the RBI is rolling out exclusive domain names to ensure higher online security. Banks will be assigned the domain name ‘bank.in’, while non-bank financial entities will use ‘fin.in’. These new, secure domain names are designed to provide clearer and more trustworthy online identities for these entities, reducing the risk of fraudsters mimicking legitimate websites.
The Institute for Development and Research in Banking Technology (IDRBT) will serve as the exclusive registrar for these new domain names. The registration process will begin in April 2025, giving banks and financial institutions time to prepare for the transition to more secure online platforms.
The RBI’s move aims to bolster confidence in India’s rapidly expanding digital payments ecosystem by addressing the increasing threat of cyber fraud and ensuring safer transactions for both consumers and businesses.
