India is set to introduce a new domain name for banks to combat digital fraud.

Starting in April 2025, India’s central bank will launch a dedicated “.bank.in” domain for banks to help address the growing issue of digital payment fraud and strengthen confidence in online banking services.

The Reserve Bank of India announced on Wednesday that the Institute for Development and Research in Banking Technology (IDRBT) will be the sole registrar for the new domain. Additionally, the central bank intends to introduce a distinct "fin.in" domain for non-bank financial institutions. “Increased instances of fraud in digital payments are a significant concern,” said RBI Governor Sanjay Malhotra, also he stated that the new domain system is designed to minimize cybersecurity risks and prevent malicious activities such as phishing. This initiative comes as India faces a rise in digital payment frauds and harmful lending apps.

The central bank announced that it would provide banks with detailed guidelines for the new initiative, aimed at helping users differentiate between legitimate banking websites and fraudulent ones.

"This initiative aims to reduce cyber security threats and malicious activities like phishing; and, streamline secure financial services, thereby enhancing trust in digital banking and payment services," the RBI said in a statement issued today. To facilitate this, the Institute for Development and Research in Banking Technology (IDRBT) will serve as the sole registrar, with domain registrations set to begin in April 2025. Additionally, the RBI announced plans to introduce a distinct "fin.in" domain for non-bank financial sector entities.

The RBI is introducing Additional Factor of Authentication (AFA) for cross-border online card transactions to enhance security. AFA, or multi-factor authentication (MFA), uses multiple verification methods for transactions via cards, prepaid instruments, and mobile banking. While not specifying a required factor, the RBI notes that SMS-based one-time passwords (OTPs) are commonly used for AFA in India.