• The Reserve Bank of India has decided that Indian banks will have exclusive internet domain name ‘bank.in’ and non-bank financial entities ‘fin.in’.

• RBI Governor Sanjay Malhotra said registrations for ‘bank.in’ will commence from April 2025, and going forward ‘fin.in’ will be introduced.

• The increased instances of fraud in digital payments are a significant concern. The new decision is aimed at enhancing trust in the financial sector. 

• 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.

• The Institute for Development and Research in Banking Technology (IDRBT) will act as the exclusive registrar.

Institute for Development and Research in Banking Technology (IDRBT)

• The Institute for Development and Research in Banking Technology (IDRBT) was established by the RBI in March 1996 as a society under the  Society Registration Act. It became financially independent in 2004. 

• It is situated in Hyderabad.

• The aims and objectives of IDRBT is governed by the Governing Council (GC) and is the apex policy making body at IDRBT.

• A key area of activity of the IDRBT right since its inception was developing and providing technology services to the Indian banking and financial sector.

Accordingly, the institute conceptualised, designed and launched the following technology services for the Indian banking and financial sector

i) INdian FInancial NETwork (INFINET)

ii) Structured Financial Messaging System (SFMS)

iii) National Financial Switch (NFS)

iv) Indian Banking Community Cloud (IBCC).

• The above-mentioned four technology services constituted an integral part of the IDRBT’s initiatives to ensure that the best of technology is utilised by the Indian banking and financial sector to provide convenient banking services to the common person.

• These services constituted the backbone for implementation of information technology in the banking sector and enabled improving the effectiveness and efficiency of the sector in a big way. 

• These services also played the pivotal role in facilitating and improving the electronic payment system in the country.

• IDRBT is the certifying authority for the Indian banking and financial sector, under IT Act 2000. 

• The digital certificates being issued by IDRBT are used by the RBI, banks and other financial institutions to exchange electronic messages between banks ensuring authenticity, integrity, non-repudiation and confidentiality.

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