New RBI Governor Sanjay Malhotra is cracking down on cyber fraud! With the rapid increase in digital financial services comes increased risk, and the RBI is taking action. Starting April, Indian banks will operate under the exclusive ‘.bank.in’ internet domain to help customers distinguish legitimate websites from fraudulent ones. The RBI will then initiate the registration of the ‘fin.in’ domain name for the financial sector. In addition, the RBI is extending Additional Factor Authentication (AFA) to online international digital payments made to offshore merchants. This measure adds an extra layer of security. Banks and NBFCs are urged to improve their cyber risk controls and develop robust incident response mechanisms.
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