In a decisive move to combat rising cyber fraud and safeguard India’s growing digital economy, the Reserve Bank of India (RBI) has launched the exclusive “bank.in” domain, marking a significant leap toward enhanced cybersecurity in the financial sector.
During the first half of FY 2024 alone, India reported 18,461 bank frauds, resulting in staggering losses of ₹21,367 crore. A large proportion of these were phishing attacks, where cybercriminals trick users into visiting fake banking websites. With India being the top global target for mobile malware—accounting for 28% of global attacks—the need for a unified and secure digital identity for banks has never been more urgent.
To address this, RBI has mandated that all licensed banks migrate their digital platforms to the standardized “bank.in” domain by October 31, 2025. This initiative, alongside the “fin.in” domain for non-banking financial entities, aims to offer a clear, verifiable online identity to prevent fraud and boost consumer confidence.
Key benefits of this initiative include:
- Verified Authenticity: Customers can easily recognize legitimate banking websites, reducing the risk of phishing scams.
- Improved Security and Trust: A centralized domain standard enhances public trust in digital banking, encouraging wider adoption.
- Massive Cost Savings: By deterring fraud, this move could save the Indian banking system billions annually.
- Digital Inclusion: Increased confidence in online banking will bring more citizens into the digital financial ecosystem.
As India targets a US$1 trillion digital economy by 2025, initiatives like “bank.in” are vital to ensuring a secure and inclusive financial future. Spearheaded by RBI and overseen by IDRBT, this shift is poised to become a cornerstone in the nation’s fight against cybercrime.