RBI Mandates ‘fin.in’ Domain For Non-Banks To Prevent Digital.Payment Frauds

In a bid to enhance digital security in India's financial sector, the Reserve Bank of India (RBI) has announced the introduction of a dedicated “fin.in” domain for non-bank financial entities. This move is part of the RBI’s broader strategy to combat rising cyber threats, ensuring a more secure digital ecosystem across the 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 its latest statement on February 7.

The introduction of the “fin.in” domain comes as a response to the growing concerns around fraud in digital payments. The RBI has noted an increase in cyber threats targeting the financial sector, including phishing and other malicious activities that undermine trust in digital services. The domain is designed to ensure a secure, unified digital ecosystem for financial institutions, complementing the already announced "bank.in" domain for Indian banks, which is set to launch in April 2025.

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

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.

The initiative aims to streamline secure financial services and trust in digital banking. By introducing dedicated internet domains for financial entities, the central bank hopes to reduce the risk of cyber threats and safeguard both users and institutions from malicious online activities. 

In addition to securing domestic financial services, the RBI is taking steps to enhance security for international transactions. The central bank has proposed extending the Additional Factor of Authentication (AFA) requirement to online cross-border card transactions. This move aims to provide the same level of security for international transactions as is mandated for domestic ones.

Through these measures, the RBI is taking proactive steps to secure India’s digital financial ecosystem, offering a safer and more reliable environment for users and service providers alike.