New internet domain extension for banks, NBFCs to cut frauds

Mumbai: Identifying whether a bank website is genuine or a phishing attempt will become easier with RBI's decision to create exclusive domains for the financial sector. Going forward, customers can verify the authenticity of a bank's website if it has the ".bank.in" extension during transactions.

RBI governor Sanjay Malhotra said rising fraud in digital payments is a major concern, prompting the central bank to introduce the ‘bank.in’ domain exclusively for Indian banks. This initiative aims to curb cyber threats and phishing attacks while ensuring secure financial services. "The move will enhance trust in digital banking and payment services," he said.

Malhotra said the Institute for Development and Research in Banking Technology (IDRBT) will be the exclusive registrar, with registrations beginning in Apr 2025. "Detailed guidelines for banks will be issued separately," he added. He also said that a separate domain, ‘fin.in,’ is planned for non-bank financial entities in the future.

Internationally, the Internet Corporation for Assigned Names and Numbers - a non-profit that manages the internet domain names, paved the way for new generic top-level domains (gTLDs) in 2012, allowing organizations to apply for custom domain extensions. Following this, a group of banks and financial service trade associations formed fTLD Registry Services to operate the .bank gTLD. The .bank domain launched in 2015, providing a verified and more secure online presence for banks worldwide. It was introduced as a measure to enhance cybersecurity, prevent phishing, and create a trusted space for financial institutions and their customers.