Why in the News?
To tackle the increasing number of digital payment frauds, the Reserve Bank of India (RBI) has introduced the exclusive ‘.bank.in’ domain for Indian banks.
Banking Frauds on the Rise:
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About the ‘.bank.in’ Domain
- The ‘.bank.in’ domain was introduced in February 2025 to provide Indian banks with a unique online address, reducing the risk of fraudulent websites mimicking bank domains.
- It will be operationalised by the Institute for Development and Research in Banking Technology (IDRBT), under National Internet Exchange of India (NIXI) oversight.
- The ‘.in’ Code Top-Level Domain (ccTLD) is India’s national identifier on the internet.
- This domain adds an extra layer of trust, distinguishing legitimate banks from fraudulent entities.
- The IDRBT, operating under MeitY, has been authorised as the exclusive registrar for this domain.
- All banks in India must transition to this by October 31, 2025, with both old and new domains likely in use during the transition period.
| [UPSC 2019] Consider the following statements: The Reserve Bank of India’s recent directives relating to ‘Storage of Payment System Data’, popularly known as data diktat, command the payment system providers that
1. they shall ensure that entire data relating to payment systems operated by them are stored in a system only in India 2. they shall ensure that the systems are owned and operated by public sector enterprises 3. they shall submit the consolidated system audit report to the Comptroller and Auditor General of India by the end of the calendar Which of the statements given above is/are correct? Options: (a) 1 only* (b) 1 and 2 only (c) 3 only (d) 1, 2 and 3 |
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