Source URL: https://www.theregister.com/2025/02/10/india_bank_dotin_plan/
Source: The Register
Title: India wants all banking to happen at dedicated bank.in domain
Feedly Summary: With over 2,000 banks in operation, the potential to make life harder for fraudsters is obvious
India’s Reserve Bank last week announced a plan to use adopt dedicated second-level domains – bank.in and fin.in – in the hope it improves trust in the financial services sector.…
AI Summary and Description: Yes
Summary: The Reserve Bank of India is implementing dedicated second-level domains (bank.in and fin.in) to improve trust in financial services and combat digital payment fraud. This initiative addresses cybersecurity threats and enhances the safety of online banking by establishing a standard domain for legitimate banks.
Detailed Description: The Reserve Bank of India’s recent policy update highlights a strategic move to enhance the trustworthiness and security of the country’s financial services environment. Below are the key points of significance from this initiative:
– **Dedicated Domains**:
– Introduction of bank.in for banks and fin.in for other financial services providers in India.
– Aims to make it harder for cybercriminals to create fraudulent bank websites by ensuring that only legitimate banks can use these dedicated domains.
– **Cybersecurity Focus**:
– Addressing the “significant concern” around increasing digital payment fraud.
– The initiative is expected to reduce cyber threats, particularly phishing attempts that target unsuspecting customers.
– **Infrastructure and Compliance**:
– Registration for the new domains will begin in April, with the Institute for Development and Research in Banking Technology (IDRBT) handling the process.
– The single-domain approach may streamline the registration process and reduce the chances of domain squatting.
– **Two-Factor Authentication**:
– The Reserve Bank will enforce two-factor authentication for card-not-present cross-border transactions as a further security measure.
– **Investment in Financial Infrastructure**:
– Plans include significant investment in infrastructure for financial services, aimed at both enhancing security and facilitating better compliance with regulations.
– Establishing a common ERP system for Primary Agriculture Cooperative Societies (PACS) and creating a centralized cloud infrastructure for financial institutions.
– **Regulatory Enforcement**:
– The Reserve Bank is actively fining banks that do not comply with Know Your Customer (KYC) processes and has previously reported on banks lacking proper information security measures.
Overall, this initiative by the Reserve Bank of India not only seeks to bolster the security framework of the financial services sector but also enhances regulatory compliance and consumer trust in digital financial services. The establishment of specialized domains and authentication measures illustrates a proactive approach to counteract prevalent cyber threats within India’s rapidly digitizing economy.