Mumbai (Maharashtra):
The governor of RBI, Sanjay Malhotra, has introduced an exclusive domain of the Internet ‘Bank. On the Internet to combat financial fraud, together with the strictest authentication protocols for digital transactions, while revealing monetary policy on Friday.
“The Reserve Bank will implement the Bank. In the exclusive Internet domain for Indian banks,” said Malhotra.
In an attempt to reduce online financial fraud, the RBI will implement the domain ‘bank.in’ exclusively for banks in India from April 2025.
Malhotra emphasized that this initiative will ensure that customers can distinguish the legitimate bank websites of the fraudulent. After this, an ‘end’ domain will be introduced for the broader financial sector.
Expressing concern about the increase in digital fraud, Malhotra emphasized the need for a joint action of all interested parties.
He said: “The increase in digital fraud is worrying. Asks the action of all interested parties. The Reserve Bank has been taking several measures to improve digital security in the banking and payment system.”
He added: “The introduction of an additional authentication factor for digital payments is one of those measures. Now it is proposed to extend this to international digital payments online made to offshore merchants who are enabled for such authentication.”
The RBI has already introduced additional authentication factors for digital payments, and this security measure will now be extended to international online transactions made to offshore merchants, ensuring safer cross -border digital payments.
To help market participants manage the risks of interest rates, the RBI has expanded its set of products derived from interest rates.
A new term contract for governmental values will be introduced, benefiting long -term investors, such as insurance funds. This will allow a more efficient price of derivatives linked to governmental values and improve risk management in interest rate cycles.
In an effort to boost retail participation in governmental values, the RBI has announced expanded access to the NDS -OM platform, which facilitates secondary trade in the government stock market.
The measure will allow registered non -banking corridors with Sebi to access the platform, further deepen the bond market and increase the participation of non -banking financial entities.
Recognizing the dynamics of the evolutionary market, the RBI will establish a working group to carry out a comprehensive review of the trade and liquidation times in the five financial markets regulated by RBI different. The group, composed of representatives of several interested parties, will present its report before April 30, 2025.
The credit deposit ratio (CDR) of the banks was 80.8 percent as of January 2025, remaining stable compared to September 2024.
Malhotra said that the liquidity shock absorbers in the banks remain adequate, with strong active performance (Roa) and the return of equity (ROE) despite a moderation on the margins of net interest. The financial system for non -banking financial companies (NBFC) also remains robust.
(Except for the headline, this story has not been edited by NDTV staff and is published from a union feed).
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