Mumbai/New Delhi, 07 February (HS): The Reserve Bank of India (RBI) has taken a big step to deal with the increasing cases of fraud in digital payments. Reserve Bank Governor Sanjay Malhotra has announced the launch of special internet domains bank.in and fin.in for banks and non-banking units.
RBI Governor Sanjay Malhotra, while giving information about the three-day review meeting of the bi-monthly Monetary Policy Committee (MPC) on Friday, said that the increasing cases of fraud in digital payments are a matter of concern. To deal with this, RBI is starting a special internet domain ‘bank.in’ for banks from April this year. Along with this, ‘fin.in’ will be started for non-banking financial units in the coming time.
Sanjay Malhotra said that the aim of this initiative is to streamline secure financial services along with cyber security threats and malicious activities like ‘phishing’, so that confidence in digital banking and payment services increases. The RBI Governor said that the Institute for Development and Research in Banking Technology (IDRBT) will act as a special registrar. Actual registrations will start from April 2025.
He said that detailed guidelines for banks will be issued separately. The Reserve Bank Governor said that ‘Fin.in’ will be launched separately for non-banking units. He said that the central bank has also decided to introduce an additional layer of security in cross-border card not present transactions.
Hindusthan Samachar
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