RBI to introduce dedicated 'fin.in' domain for non-banks

Stepping up efforts to combat rising cyber threats in the financial sector, the Reserve Bank of India (RBI) has proposed to a dedicated "fin.in" domain for non-banks entities.

This move is aimed at ensuring a more secure and unified digital ecosystem for the entire industry, including fintechs, non-banking finance companies (NBFCs) and other financial service providers.

"Increased instances of fraud in digital payments are a significant concern. To combat the same, the RBI is introducing the 'bank.in' exclusive internet domain for Indian banks,” the central bank said in policy its latest statement on February 7.

The 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, it said.

The fin.in” domain will complement the upcoming "bank.in" domain, which will be launched in April, the RBI said.

Managed by the Institute for Development and Research in Banking Technology (IDRBT), the initiative aims to safeguard digital banking services from rising cybersecurity risks and malicious activities.

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The RBI is also extending its digital payment security efforts to international transactions.

The central bank has proposed extending the Additional Factor of Authentication (AFA) requirement to online cross-border card transactions to provide the same level of protection for international transactions as mandated for domestic ones.

"To provide the same level of safety for international card not present (online) transactions as is mandated for domestic transactions, it is proposed to enable AFA for international transactions," the RBI said.

The decision will ensure that online transactions made with Indian-issued cards are be protected by an added layer of authentication, provided the overseas merchant is also AFA-enabled.

A draft circular outlining the proposal will be released soon for feedback from stakeholders.

The RBI MPC cut the repo rate by 25 basis point to 6.25 percent to give a boost to a slowing economy. The first rate cut in almost five years comes a week after Budget 2025 cut income-tax rates to offer relief to middle class as concerns grow over slowing consumption.