Mumbai | The Reserve Bank on Tuesday directed banks to start migration of their existing domains to the ‘.bank.in’ domain and complete the process by October 31 this year, aimed at combating increasing instances of fraud in digital payments.
In the wake of fraud in digital payments, the Reserve Bank of India (RBI) has decided to introduce the ‘bank.in’ exclusive internet domain for Indian banks.
The initiative aims to reduce cybersecurity threats and malicious activities like phishing; and, streamline secure financial services, thereby enhancing trust in digital banking and payment services.
“It has now been decided to operationalise the ‘.bank.in’ domain for banks through the Institute for Development and Research in Banking Technology (IDRBT), which has been authorised by National Internet Exchange of India (NIXI), under the aegis of the Ministry of Electronics and Information Technology (MeitY), to serve as the exclusive registrar for this domain,” it said in a statement.