RBI Mandates '.bank.in' Domain for All Banks to Boost Cybersecurity

The Reserve Bank of India (RBI) has mandated a significant change for all banks, requiring them to migrate their official websites to the '.bank.in' domain, effective Friday, October 31. This directive aims to enhance cybersecurity, protect customers from phishing scams, and bolster trust in digital banking services. Only banks regulated by the RBI are permitted to register and use this exclusive domain, which will serve as a verified digital identity for Indian banks. Major private sector lenders like ICICI Bank, HDFC Bank, Axis Bank, and Kotak Mahindra Bank have already completed this transition. All existing website links will automatically redirect to the new '.bank.in' domain addresses, ensuring continuity for customers.

Impact This move is expected to significantly improve the security and authenticity of digital banking in India. By providing a unique, verified domain, it will become much harder for fraudsters to create fake banking websites, thereby reducing online payment frauds and protecting customers. This enhanced security will likely lead to increased customer confidence in digital banking channels. Impact Rating: 8/10

Definitions * Phishing Scams: These are fraudulent attempts to obtain sensitive information like usernames, passwords, and credit card details by disguising as a trustworthy entity in electronic communication, often through fake websites or emails. * RBI (Reserve Bank of India): The central bank of India, responsible for the regulation of the Indian banking system and monetary policy. * Domain: A unique address for a website on the internet, like 'example.com'. The '.bank.in' domain is specifically for authorized Indian banks. * Cybersecurity: The practice of protecting computer systems, networks, and digital data from theft, damage, or unauthorized access. * IDRBT (Institute for Development and Research in Banking Technology): An autonomous research and development institution established by the Reserve Bank of India to cater to the needs of the banking and financial sector. * NIXI (National Internet Exchange of India): A collaborative organization that promotes the adoption and usage of internet domain names and IP addresses in India. * MeitY (Ministry of Electronics and Information Technology): The government ministry in India responsible for policy, planning, and administration of electronics, information technology, and internet governance.