India to launch new domain name for banks to fight digital fraud

India’s Central Bank has been launching a “exclusive” .bank.in “Domain for banks since April 2021, as part of an attempt to fight against fraud and strong beliefs in India’s Central Bank Online Banking Services.

The Institute for Development and Research in Banking Technology (IDRBT) will serve as the exclusive registrar of the new domain, the Reserve Bank of India said in a statement on Wednesday. The central bank plans to roll out a separate ‘Fin.in’ domain for non-bank financial institutions.

RBI Governor Sanjay Malhotra says “Increased examples of fraud in paying digital payments are an important concern,” added that the new domain system aims to reduce cyber protection threats and reduce polluted activities such as fishing. This step comes as India Digital Payment Jumps with an enthusiasm on fraud and hunter nduing applicationsThe

The central bank has said that it will issue detailed guidelines in banks separately for new initiatives, which are designed to help users legitimate banking websites from fraudulent.