GUWAHATI: Reserve Bank of India (RBI) Governor Sanjay Malhotra on Friday, February 7, unveiled the exclusive ‘.bank.in’ internet domain for Indian banks, along with stricter authentication protocols for digital transactions as part of the Monetary Policy announcement.
ALSO READ: Jaishankar Defends US Deportation Of Indians Amidst Criticism From Opposition
Malhotra stated that this ‘.bank.in’ domain will be implemented from April, helping customers differentiate legitimate banking websites from fraudulent ones. He also revealed that a ‘.fin.in’ domain would be introduced for the broader financial sector.
With online financial fraud on the rise, the RBI has taken proactive measures to enhance security. “The surge in digital fraud is a matter of concern. It warrants action from all stakeholders,” Malhotra reportedly said. He highlighted that additional authentication factors, already introduced for digital payments, will now be extended to international transactions made to offshore merchants.
To strengthen financial risk management, the RBI will also introduce a new forward contract for government securities. This will benefit long-term investors such as insurance funds by ensuring efficient pricing of derivatives linked to government securities.
Additionally, the central bank has expanded access to the NDS-OM platform, which facilitates secondary market trading of government securities. Non-bank brokers registered with SEBI will now be permitted to access the platform, boosting retail participation and deepening the bond market.
The RBI made a final note on the formation of a working group to review trading and settlement timings across five RBI-regulated financial markets. The group, comprising various stakeholders, is expected to submit its report by April 30.