In a major move to combat rising cyber threats in the digital banking landscape, the Reserve Bank of India (RBI) has introduced stringent cybersecurity measures. These initiatives focus on securing online transactions, preventing fraud, and enhancing digital banking safety for millions of users across the country. The key highlights include the introduction of exclusive domains for Indian banks and financial institutions, stricter authentication for international payments, and mandatory cybersecurity upgrades for banks and NBFCs.
One of the RBI’s most significant steps is the launch of exclusive web domains—‘bank.in’ and ‘fin.in’—to combat phishing scams. Cybercriminals often create fraudulent banking websites that mimic legitimate financial portals, tricking users into sharing sensitive information like login credentials and banking details. With the introduction of these verified domains, customers will have a secure and trusted online banking experience.
From April 2025, all registered Indian banks will have access to the ‘bank.in’ domain, ensuring that their official online platforms are easily identifiable and protected against cyber fraud. Following this, the RBI will introduce ‘fin.in’, a secure web domain for non-banking financial companies (NBFCs) and other financial service providers. This initiative aims to minimize digital fraud, allowing customers to verify financial institutions’ authenticity before transacting online.
To add an extra layer of protection for global payments, the RBI has extended Additional Factor of Authentication (AFA) to international digital transactions. Currently, this security measure is already mandatory for domestic transactions. However, with the increasing popularity of international e-commerce platforms and global subscription services, fraudulent activities related to cross-border payments have surged.
Under the new rule, Indian consumers making online purchases on foreign websites will be required to complete an additional security verification step, such as a one-time password (OTP) or biometric authentication. This measure aims to prevent unauthorized transactions, reducing the risk of cyber theft in cross-border payments.
Cybercriminals are constantly evolving their hacking techniques, making it crucial for banks and NBFCs to strengthen their security systems. The RBI has issued strict guidelines, requiring financial institutions to:
Deploy advanced fraud detection mechanisms to identify suspicious activities in real-time.
Implement incident response plans to counter cyberattacks effectively.
Conduct regular security audits and vulnerability assessments to strengthen their digital infrastructure.
Financial institutions that fail to comply with these cybersecurity directives may face regulatory action, as the RBI is committed to making digital banking safer and more resilient.
With the rapid adoption of digital payments and online banking, cybersecurity has become a top priority for financial regulators. The RBI’s latest initiatives are designed to ensure that Indian consumers can confidently conduct online transactions without the fear of cyber fraud.
The introduction of secure banking domains, stricter authentication protocols, and reinforced cybersecurity frameworks are expected to significantly reduce digital financial crimes. These measures will play a crucial role in safeguarding customer data, strengthening trust in digital payments, and reinforcing India’s position as a leader in secure financial technology.
