The Reserve Bank of India (RBI) is introducing new exclusive ‘.bank.in’ domains for banks, in an attempt to tackle growing cyber fraud attacks.

The initiative will be introduced in April 2025 and will also include the ‘.fin.in’ domain for non-banking financial institutions.

RBI governor Sanjay Malhotra said the new initiative aims to ensure customers can distinguish legitimate banking websites from fraudulent ones, adding that detailed guidance for banks will be issues separately.

The Institute for Development and Research in Banking Technology will be the exclusive registrar for the new domains.

The institute, established by the Reserve Bank of India in 1996, focuses exclusively on the intersection of banking and technology.

It supports the technology transformation of the banking and financial sector in India with a focus on research and development in artificial intelligence, machine learning, cybersecurity, digital privacy, cloud computing and quantum computing.

“Increased instances of fraud in digital payments are a significant concern,” said Malhotra. “This initiative aims to reduce cyber security threats and malicious activities like phishing, and streamline secure financial services, thereby enhancing trust in digital banking and payment services.”

Voicing concern over the growth of digital fraud, Malhotra emphasised the need for joint action by all stakeholders.

"The surge in digital fraud is a matter of concern,” he said. “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 added that the central bank has been taking various measures to boosts digital security in the banking and payments system, including the introduction of additional factor of authentication (AFA) for domestic digital payments. It is now focusing on ensuring safer cross-border digital payments with extended measures.

“It is proposed to extend AFA to online international digital payments made to offshore merchants, who are enabled for such authentication,” Malhotra said.

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