RBI to Strengthen Cybersecurity with Exclusive Domains for Banks and Financial Institutions

A number of concerns have been made by the Reserve Bank of India (RBI) regarding the increasing number of incidents of fraud in digital payments, and the RBI has announced measures to combat such threats. As a result of the increasing use of technology in banking, the risks of cyber attacks, digital frauds, and data breaches have also increased, as underlined by the Governor of the Reserve Bank of India, Sanjay Malhotra, who is also an alumnus of the Indian Institute of Technology Kanpur.  

For the purpose of misleading consumers into revealing critical information or engaging in fraudulent transactions, one of the most common strategies employed by fraudsters is the creation of phony domain names that are very similar to legitimate banking websites. To combat this, the Reserve Bank of India (RBI) is establishing domain names that are specific to financial firms. The domain name "bank.in" will be used by banks, whereas the domain name "fin.in" will be used by financial institutions that are not banks.  

Improving security, preventing phishing frauds, and establishing a trustworthy digital presence for financial institutions are the goals of the effort. The Institute for Development and Research in Banking Technology (IDRBT) will be the sole registrar for these domains, and the process of registering them is scheduled to start in April of 2025.  

With this action, it is anticipated that the security of digital payments would be strengthened, and that consumer confidence in online banking will increase. The Reserve Bank of India (RBI) has taken a proactive approach, which highlights the crucial need for effective cybersecurity measures in India's financial industry. This is because digital transactions are continuing to expand.

This article is based on information from "reuters.com"