This security feature will apply to international merchants who support AFA protocols, with a draft circular to be released soon for stakeholder feedback
In a significant move to bolster cyber security in the financial sector, the Reserve Bank of India (RBI) announced the introduction of exclusive internet domains for Indian banks and financial entities. The announcement was made by RBI Governor Sanjay Malhotra during the final bi-monthly monetary policy review of the current fiscal year.
The new domain ‘bank.in’ will be available exclusively to Indian banks, while non-bank financial sector entities will receive the domain ‘fin.in’. The rollout for ‘bank.in’ registrations is set to begin in April 2025, followed by ‘fin.in’.
Enhancing Cyber Security & Trust
The initiative is part of the RBI’s strategy to combat rising digital payment frauds and phishing attempts. “To combat the same, the Reserve Bank of India (RBI) is introducing the ‘bank.in’ exclusive internet domain for Indian banks,” said Malhotra.
By offering dedicated domains, the RBI aims to reduce cyber threats and provide a secure digital ecosystem for financial services. The move is expected to strengthen public trust in digital banking and payments. The Institute for Development and Research in Banking Technology (IDRBT) has been appointed as the exclusive registrar for these domains.
Additional Domain For Non-Bank Entities
In addition to ‘bank.in’, the central bank announced the launch of ‘fin.in’ for non-bank financial entities. This measure is expected to bring similar security benefits to financial institutions operating outside the traditional banking sector.
Strengthening Security For International Transactions
To further enhance transaction security, the RBI proposed introducing an Additional Factor of Authentication (AFA) for cross-border ‘Card Not Present’ transactions, where the cardholder is not physically present during the transaction. Currently, AFA is mandatory only for domestic transactions in India.
“In order to provide a similar level of safety for online international transactions using cards issued in India, it is proposed to enable AFA for international card-not-present transactions as well,” stated the RBI.
This security feature will apply to international merchants who support AFA protocols, with a draft circular to be released soon for stakeholder feedback.
The central bank highlighted that the implementation of AFA for digital payments within India has significantly improved transaction safety and boosted customer confidence in digital payment systems. The extension of this requirement to cross-border transactions is expected to further secure India’s growing digital financial ecosystem.
