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RBI’s Initiative to Strengthen Cybersecurity: Introduction of ‘Bank.in’ Domain
Context:
The Reserve Bank of India (RBI) has announced the introduction of an exclusive domain, ‘bank.in’, for Indian banks.The move is aimed at curbing cyber frauds, phishing attacks, and other digital security threats in the banking sector. It will be followed by a similar initiative, ‘fin.in’, for non-banking financial institutions.
RBI’s Introduction of ‘Bank.in’
- The Institute for Development and Research in Banking Technology (IDRBT) will act as the exclusive registrar for ‘bank.in’.
- Registration for banks under this domain will commence in April 2025.
- RBI will issue detailed guidelines to banks regarding the registration and operationalization of the domain.
- This initiative will allow customers to distinguish between legitimate and fraudulent banking websites, reducing the risk of financial scams.
Need for Special Domains in Banking
- Rising Cyber Threats: Increasing incidents of phishing attacks, website spoofing, and identity theft necessitate enhanced security measures.
- Customer Confidence: A verified domain for banks will increase trust in online banking services.
- Regulatory Oversight: RBI’s move will ensure strict compliance with cybersecurity norms.
- Prevention of Data Breaches: Helps in minimizing unauthorized access and mitigating cyber frauds.
Way Forward: Strengthening Digital Payment Security
- Extension of Additional Factor of Authentication (AFA) to International Payments
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- Currently, AFA is mandatory for domestic transactions but not for international digital payments.
- RBI plans to extend AFA to overseas transactions, ensuring enhanced security for Indian-issued cards used with international merchants.
- A draft circular will be issued to seek feedback from stakeholders before implementation.
- Expansion to the Financial Sector: Introduction of ‘Fin.in’
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- Following ‘bank.in’, RBI will launch ‘fin.in’, a special domain for NBFCs and financial institutions.
- This initiative aims to ensure uniform cybersecurity measures across the financial ecosystem.
- Will contribute to better regulation and monitoring of financial institutions’ digital presence.
Conclusion
- RBI’s initiative to introduce ‘bank.in’ is a proactive step towards enhancing digital security in the Indian banking sector.
- The extension of AFA to international transactions will further strengthen payment security.
- Future measures like ‘fin.in’ will contribute to a more secure and resilient financial ecosystem in India.
