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The Reserve Bank of India launches the ".bank.in" domain to prevent financial fraud, enhances authentication for digital payments, and expands access to government securities, ensuring a secure and efficient financial ecosystem.

RBI launches exclusive '.bank.in' domain to curb financial frauds, enhances digital security measures

The Reserve Bank of India launches the ".bank.in" domain to prevent financial fraud, enhances authentication for digital payments, and expands access to government securities, ensuring a secure and efficient financial ecosystem.

RBI Governor Sanjay Malhotra, while unveiling the Monetary Policy on Friday, introduced an exclusive ".bank.in" internet domain for Indian banks to curb financial fraud.
He also announced stricter authentication protocols for digital transactions to enhance security in the banking system.
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<blockquote class="twitter-tweet">
<a href="https://twitter.com/hashtag/WATCH?src=hash&amp;ref_src=twsrc%5Etfw">#WATCH</a> | Making a statement on Monetary Policy, RBI Governor Sanjay Malhotra says, "Reserve Bank has been taking various measures to enhance digital security in the banking and payments system. The introduction of an additional factor of authentication for digital payments is one&hellip; <a href="https://t.co/gNCkc4U0gh">pic.twitter.com/gNCkc4U0gh</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/1887730330507047028?ref_src=twsrc%5Etfw">February 7, 2025</a></blockquote>
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<h3>Launch of Exclusive Banking Domain</h3>
Malhotra stated, "The Reserve Bank shall implement the bank.in exclusive Internet domain for Indian banks." This initiative, set to be implemented from April 2025, aims to help customers distinguish legitimate banking websites from fraudulent ones.
Additionally, a separate ".fin.in" domain will be introduced for the broader financial sector.
<h3>Tackling Digital Fraud with Stronger Authentication</h3>
Expressing concerns over rising digital fraud cases, Malhotra emphasized the need for collective action.
"The surge in digital fraud is a matter of concern. It warrants action by all stakeholders. The Reserve Bank has been taking various measures to enhance digital security in the banking and payment system," he said.
To further strengthen security, the RBI has extended additional authentication measures to online international transactions made to offshore merchants.
Malhotra added, "The introduction of an additional factor of authentication for digital payments is one such measure. It is now proposed to extend this to online international digital payments made to offshore merchants who are enabled for such authentication."
This step ensures safer cross-border transactions and minimizes fraud risks.
<h3>Enhancing Risk Management and Market Participation</h3>
To help market participants manage interest rate risks effectively, the RBI will introduce a new forward contract for government securities. This will benefit long-term investors such as insurance funds, allowing more efficient pricing of derivatives linked to government securities.
In an effort to boost retail participation in government securities, the RBI will expand access to the NDS-OM platform, which facilitates secondary market trading of government bonds.
This move will allow non-bank brokers registered with SEBI to access the platform, deepening the bond market and increasing participation from non-bank financial entities.
<h3>Review of Market Trading and Settlement Timings</h3>
Acknowledging evolving market conditions, the RBI will establish a working group to conduct a comprehensive review of trading and settlement timings across five different RBI-regulated financial markets. The group, consisting of various market stakeholders, is expected to submit its report by April 30, 2025.
<h3>Stable Banking System and Liquidity Buffers</h3>
The credit-deposit ratio (CDR) of banks stood at 80.8% as of January 2025, remaining stable compared to September 2024. Malhotra reassured that liquidity buffers in banks remain adequate, with strong Return on Assets (RoA) and Return on Equity (RoE), despite a slight moderation in net interest margins.
He also confirmed that the financial system for Non-Banking Financial Companies (NBFCs) remains robust.

As India's digital payment market is rising at a rapid rate, the financial fraud encountered has also risen. 
According to reports by LocalCircles, it has shown that 42% Indians surveyed experienced financial fraud in the last 3 years, 74% of those who experienced it failed to get money back. 
Survey that was conducted in October 2021 revealed that 29% of citizens share their ATM or debit card pin details with close family members, while 4% share it with their domestic and office staff.
Not only this, online brokerage platform, Zerodha also warns users regarding the hacking incidents. Posting it on twitter, Zerodha said frauders are posing as employees are calling people and asking for sensitive information like PAN, Bank details etc.  

Financial fraud on the rise, Zerodha sends warning

Beware of financial fraud! Shocking data on rapid rise of scams, Zerodha alerts customers to safeguard 

33% of citizens store their bank account, debit or credit card and ATM passwords, Aadhaar and Pan numbers on email or computer

Beware of financial fraud! That's the warning coming from India's largest brokerage Zerodha, has reports show that 4 out 5 Indians have faced financial fraud.&nbsp;
As per reports survey done by LocalCircles, has shown that 42% Indians surveyed experienced financial fraud in the last 3 years, 74% of those who experienced it failed to get money back.&nbsp;
Survey that was conducted in October 2021 revealed that 29% of citizens share their ATM or debit card pin details with close family members, while 4% share it with their domestic and office staff.
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Amid reports of Zerodha&rsquo;s demat accounts getting hacked, the online brokerage took to Twitter to warn. Zerodha alerted and reminded customers never to give out sensitive information like PAN, Bank details, etc as the most common route fraudsters take is pose as employees seeking information.&nbsp;
<a href="https://www.editorji.com/business-news/rbi-monetary-policy-repo-rate-hiked-by-50-bps-1659674214245">RBI Monetary Policy: Repo rate hiked by 50 bps, outlook remains cautious</a> Firm's founder and CEO Nithin Kamath tweeted 'Out of the ~65lk customers who traded with us last year, we have ~100 complaints of fraud. ~ 80 where login details were shared willingly &amp; ~20 where email was hacked (all Rediffmail IDs).&rdquo; <a href="https://www.editorji.com/business-news/financial-fraud-on-the-rise-zerodha-sends-warning-1659598243087">Zerodha</a> is said to be launching a new set of tools to further safeguard investors registered on the platform.&nbsp;

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