Bank.in Domain

February 8, 2025

The Reserve Bank of India (RBI) has introduced the ‘bank.in’ internet domain to address increasing financial fraud cases in the country. This initiative was announced during a recent Monetary Policy Committee meeting led by newly appointed Governor Sanjay Malhotra. The RBI aims to enhance digital security and improve customer trust in online banking.

Purpose of the Bank.in Domain

The ‘bank.in’ domain is designed to help users identify legitimate banking websites.
It will assist in distinguishing fraudulent sites from authentic ones.
This move is a response to the alarming rise in cyber fraud incidents, which increased by 27% in the first half of the fiscal year.

Role of IDRBT

The Institute for Development and Research in Banking Technology (IDRBT) will serve as the exclusive registrar for the ‘bank.in’ domain.
Detailed guidelines will be provided to banks for the registration process.
The RBI aims to streamline the domain allocation process and ensure that only genuine banks can use the ‘bank.in’ extension.

Rise in Banking Fraud Cases

Recent data indicates surge in banking fraud cases. In the first half of the fiscal year, the total number of fraud incidents rose to 18,461, with financial losses amounting to ₹21,367 crore. This sharp increase puts stress on the urgent need for enhanced security measures in the banking sector.

Future Plans for Financial Domains

The RBI is also planning to introduce ‘fin.in’ for non-bank financial entities. This will further enhance security and trust in the financial services sector. The registration for ‘bank.in’ is set to start in April 2025, with ‘fin.in’ to follow shortly after.

Importance of Cyber Security

Cyber security is a critical concern for the RBI. Governor Malhotra emphasised the need for banks to develop robust incident response and recovery mechanisms. Regular testing of these systems is essential for operational resilience against cyber threats.

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