Winning Bizness Desk

In response to the increasing incidents of digital payment frauds and phishing attacks, the Reserve Bank of India (RBI) has announced the introduction of an exclusive internet domain, 'bank.in', for Indian banks. This initiative aims to enhance cybersecurity measures and bolster public trust in digital banking services. The new domain will help customers easily identify legitimate banking websites, thereby reducing the risk of falling victim to fraudulent sites.

Implementation Timeline and Oversight

The RBI has set a deadline of October 31, 2025, for all Indian banks to transition their existing websites to the 'bank.in' domain. To facilitate this process, the Institute for Development and Research in Banking Technology (IDRBT) has been appointed as the exclusive registrar for the new domain. Banks are advised to initiate the registration process by contacting IDRBT at sahyog@idrbt.ac.in

Collaborative Efforts with Regulatory Bodies

The implementation of the 'bank.in' domain is a collaborative effort involving the National Internet Exchange of India (NIXI) and the Ministry of Electronics and Information Technology (MeitY). This partnership ensures that the domain registration and management processes adhere to national cybersecurity standards and protocols.

Pilot Testing and Future Plans

Prior to the full-scale rollout, a pilot phase involving approximately 20 major banks was conducted to test the functionality and effectiveness of the 'bank.in' domain. Based on the feedback received, necessary adjustments were made to ensure a smooth transition for all banks. Looking ahead, the RBI also plans to introduce a 'fin.in' domain specifically for non-banking financial companies (NBFCs) and fintech entities, further extending the initiative's reach within the financial sector.

Enhancing Customer Confidence in Digital Banking

The introduction of the 'bank.in' domain is expected to significantly reduce the prevalence of phishing and spoofing attacks by providing a clear and verifiable online identity for Indian banks. Customers can now verify the authenticity of banking websites by checking for the 'bank.in' extension, thereby enhancing their confidence in conducting digital transactions.

Key Highlights:

• RBI mandates all Indian banks to transition to the 'bank.in' domain by October 31, 2025.
• The initiative aims to combat digital frauds and enhance cybersecurity in the banking sector.
• IDRBT appointed as the exclusive registrar for the 'bank.in' domain.
• Banks can initiate the registration process by contacting IDRBT at sahyog@idrbt.ac.in.
• Collaboration with NIXI and MeitY ensures adherence to national cybersecurity standards.
• A pilot phase involving 20 major banks was conducted to test the new domain system.
• Plans are underway to introduce a 'fin.in' domain for NBFCs and fintech entities.