RBI New Initiative: ‘bank.in’ to Protect You from Fraud

The Reserve Bank of India (RBI), India's central bank, has launched 'bank.in.' as a dedicated domain for Indian banks. Sanjay Malhotra, Governor of the RBI, announced that the new initiative will help citizens distinguish between genuine bank websites and fake ones.

The Governor stated that in April, they will introduce the 'fin.in' domain for the financial industry.The governor stated, “This 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,”

Rising Financial Scams in India

The Maharashtra Home Department reported 2,19,047 cases of financial fraud last year, with a total of ₹38,872.14 crore involved. Mumbai had the highest number of these cases.

Over the last five years, financial fraud has increased dramatically in India. The Reserve Bank of India (RBI) reports a significant increase in fraud cases involving credit cards, ATM or debit cards, and Internet banking.The total sum involved in these frauds surged dramatically by 1,068%, from ₹129 crore in FY 2019–20 to ₹1,457 crore in FY 2023–24.

In October 2024, the Prime Minister of India raised awareness of the dangers of deceiving people by threatening them with 'Digital Arrest.' He urged people to use the PAUSE, THINK, and ACTION formula and to report cybercrime to authorities on toll-free number 1930 or https://cybercrime.gov.in.

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