RBI Policy
To introduce internet domain for banks to reduce cyber frauds
This story was originally published at 11:39 IST on 7 February 2025
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--RBI Malhotra: Urge bank, NBFCs to improve cyber threat mitigating steps
--RBI Malhotra: Taking various steps to control surge in cyber frauds
--RBI Malhotra: Rapid digitalisation has increased exposure to cyber threats
MUMBAI – The Reserve Bank of India will introduce an exclusive internet domain for banks called 'bank.in' to reduce cyber-security threats and malicious activities such as phishing, and streamline secure financial services, Governor Sanjay Malhotra said Friday as he announced the outcome of the three-day Monetary Policy Committee meeting.
The detailed guidelines for banks would be issued separately, he said, adding that the Institute for Development and Research in Banking Technology would act as the exclusive registrar, and registrations would commence from April. He also said that the RBI has planned an exclusive domain called "fin.in" for non-bank entities in the financial sector.
The RBI has taken various measures to enhance digital security in the banking and payments system, Malhotra said. "Introduction of Additional Factor of Authentication (AFA) for domestic digital payments is one such measure. It is proposed to extend AFA to online international digital payments made to offshore merchants, who are enabled for such authentication," he added.
He urged banks and non-bank financial companies to continuously improve the preventive and detective controls to mitigate cyber risks and develop robust incident response and recovery mechanisms, reinforced through periodic testing, for operational resilience. End
Reported by Kshipra Petkar
Edited by Ashish Shirke
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