The Reserve Bank of India (RBI), India's central bank, is taking a big step to make online banking safer for everyone. They're giving Indian banks a special, exclusive internet address ending: ".bank.in". Think of it like giving them a verified badge online, so you know you're dealing with the real bank and not a fake website.
Sanjay Malhotra, the new head of the RBI, announced this important change on Friday. It's all about fighting the growing problem of online financial fraud and cybercrime. The idea is to keep check on cyber fraud and secure the banks.
Starting April 2025, all Indian banks must use this new ".bank.in" address. This will make it much easier for customers to spot the difference between a genuine bank website and a tricky, look-alike site designed to steal your information. Less fraud is a win for everyone! The RBI will create another domain ".fin.in" soon.
The RBI is also making online payments even more secure by adding an extra layer of protection called "Additional Factor of Authentication," or AFA. You might already be familiar with this – it's like when you get a one-time code on your phone to confirm a transaction. Now, this extra security step will be used for online payments for businesses located outside India.
The RBI is serious about this and notified that banks and other financial companies need to constantly get better at preventing and detecting cyber attacks. Bank need to have strong plans and back up to respond to any problems and recover quickly, and bank should have regularly recce to make sure they work.
All these changes are part of a bigger effort to make India's financial system stronger and more secure. By giving banks a dedicated, trustworthy online space and adding extra layers of security to payments, the RBI is working to protect customers money from online criminals.
