RBI fights banking fraud with exclusive ‘bank.in’ domain to shield customers from scams

In a major move to combat banking scams and enhance cybersecurity, the Reserve Bank of India (RBI) has introduced the exclusive ‘bank.in’ domain. This initiative aims to bolster digital trust in India’s financial ecosystem by ensuring that customers can easily verify a bank’s authenticity through its website link.

Announced in the RBI’s Statement on Development and Regulatory Policies on 7 February, the ‘bank.in’ domain is designed to curb cyber threats such as phishing and spoofing while ensuring secure financial transactions. By restricting registration to legitimate financial institutions, the initiative is expected to significantly reduce digital fraud targeting consumers.

The Institute for Development and Research in Banking Technology (IDRBT) will serve as the exclusive registrar for the new domain, with registrations set to begin in April 2025. Additionally, the RBI plans to introduce ‘fin.in’ as a dedicated domain for non-bank financial entities in the future.

Speaking at a press conference after the Monetary Policy Committee (MPC) meeting, RBI Deputy Governor Swaminathan Janakiraman highlighted the regulator’s broader efforts to protect consumers from financial fraud. “We conduct extensive awareness campaigns to educate consumers on avoiding fraudulent calls. From a regulatory standpoint, we have mechanisms in place to limit customer liability in unauthorized banking transactions, including provisions for shadow credit during investigations. However, unregulated entities and apps remain a challenge, and tackling these requires active collaboration between the government, regulators, and law enforcement agencies.”

Industry leaders have welcomed the initiative. Shikhar Aggarwal, Chairman of BLS E-Services, stated: “The RBI’s ‘bank.in’ domain will serve as a secure and verified digital space dedicated exclusively to the banking sector. It will incorporate advanced cybersecurity measures, fraud prevention protocols, and enhanced consumer protection frameworks.”

Aggarwal further emphasised that this move will “strengthen customer confidence in online banking by ensuring interactions with verified institutions, ultimately creating a safer digital banking environment and protecting sensitive financial data.”

With this latest initiative, the RBI continues to reinforce its commitment to securing India’s digital banking landscape, ensuring a more trustworthy and fraud-resistant ecosystem for consumers.