India’s central bank, Reserve Bank of India (RBI), said it will introduce an exclusive “bank” internet domain for domestic banks to combat digital financial fraud.
“This initiative aims to reduce cybersecurity threats and malicious activities such as phishing, and streamline secure financial services, thereby increasing trust in digital banking and payment services. It is the purpose,” RBI said in a statement issued today.
Therefore, the Banking Technology Development Institute (IDRBT) functions as an exclusive registrar. Domain registration is scheduled to begin in April 2025.
The RBI also said it plans to deploy another exclusive domain, “fin.in,” for other non-bank entities in the financial sector.
As part of a broader effort to strengthen trust in online payments, RBI also has debuted what is known as the Add Factor for Cross-Border Card-Not-Present (CNP) Online Transactions (AFA) I’ve said that.
Also known as Multi-Factor Authentication (MFA), AFA refers to a process that uses multiple factors to authenticate users, in this case a complete digital transaction made through cards, prepaid devices, and mobile banking channels. .
“This will provide an additional layer of security if international merchants become possible for AFA,” RBI said.
However, it is worth noting that the RBI does not mandate specific factors for AFA. India’s digital payments ecosystem has largely accepted SMS-based one-time passwords (OTPs) as AFA.
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