RBI Launches ‘.bank.in’ Domain to Strengthen Digital Banking Security

Over the past decade, India’s banking system has undergone an extraordinary transformation, shifting from setting banking needs and waiting in a branch to instant transactions through digital apps. However, with the increase in digital banking, the probability of cybercrime also increases. 

Spoofing, phishing, and fake banking portals are increasing, exploiting unsuspecting customers’ trust in fake URLs with banks’ sites. Simply having a “.in” or “.co.in” extension is not a sign of legitimacy anymore. Cybercrime, impersonating real banks, and creating fake sites are increasing in availability and sophistication.

These circumstances prompted the RBI (Reserve Bank of India) to implement a digitally verifiable trust seal system using the restricted domains “.bank.in” and “bank.in.” Unlike general “.in” domains, these restricted domains offer a secure and reliable online environment, assuring customers that they are interacting with legitimate banking websites.

With the introduction of the ‘.bank.in’ domains, customers are guaranteed safe and fast access to banking sites from where they can do transactions with confidence. Customers can now trust the ‘.in’ details and know the banks are safe for cyber banking.

The Security Advantage of ‘.bank.in’

With the introduction of the ‘.bank.in’ domain, the Reserve Bank of India (RBI) seeks to improve the digital banking security framework. The domain extension ‘.bank.in’ is a security-graded digital identity meant to safeguard both institutions and their clients from advanced digital fraud.

Mandatory Verification

The ‘.bank.in’ domain is exclusively available to entities licensed and regulated by the RBI. Also, each domain registration is subjected to a detailed verification process, which makes sure that only registered bona fide banks and licensed financial institutions obtain this domain. For the clients, this verification process means that they can absolutely trust that any digital bank that ends with ‘.bank.in’ is real.

Technical Safeguards and Compliance

Each registration of ‘.bank.in’ domains has other advanced cybersecurity prerequisites that include:

• High-Assurance SSL Certificates: They guarantee that all communications are encrypted and secured end-to-end.
• DNS Security Extensions (DNSSEC): They provide protection against redirection attacks and DNS poisoning.
• Continuous Monitoring Solutions: IDRBT, on behalf of RBI, ensures seamless compliance and certification of the domain and exercises monitoring control.

Pricing and Accessibility

The domain price of ‘.bank.in’ shows the high-assurance nature of this domain. However, its credibility and security justify the price. Thus, this becomes an invaluable investment in digital trust rather than just an operational expense.

The ‘.bank.in’ domain acts as an anti-phishing shield and has the potential to help customers differentiate legitimate phishing portals from fraudulent banking sites.

Why Choose .bank.in Domains Instead of .in?

Choosing a .bank.in domain over an .in domain is a strategic move that communicates digital security, trust, and authenticity in the world of banking. General use .in domains are available to anyone and are not under the strict regulation of financial institutions. In contrast, .bank.in domains are reserved just for RBI-licensed and regulated institutions, which means that each website utilizing this extension is an authenticated financial entity.

As many customers have immediate trust issues, the explicit trust in the .bank.in domain may soften the concern, as the customer understands that their bank is transacting on a genuine and secure platform protected by high assurance SSL, DNSSEC, and RBI compliance monitoring, as well as mandatory balanced assurance SSL protection provided by the bank itself.

For banks and other financial bodies, the .bank.in domain extension reinforces user confidence and helps protect the bank’s and other financial bodies’ reputations from phishing, spoofing, and fraudulent imitation. For a secure digital banking future, .bank.in is the only extension for India.

Key Differences Between .in and .bank.in Domains

The Importance of Hosting and Control in Compliance

The RBI’s new regulations for the .bank.in domain go beyond basic registration, requiring banks to meet specific security, verification, and compliance standards before their website can be considered authentic and trustworthy.

It entails building a hosting architecture that provides security and high availability with close to 100% uptime, constant and strong encryption, and proactive mechanisms for safeguarding data. Here, the part played by MilesWeb becomes crucial.

For sensitive and high-traffic financial portals, MilesWeb provides an enterprise hosting environment with powerful management and a simplified control interface. Financial Institutions can manage secure domain settings, configure firewalls, and view real-time protection, all from a beautifully simple control interface.

The instant restoration option, along with on-demand backup, provides flexible recovery or rollback options to assist in business continuity, especially post a cyber incident. MilesWeb also maintains strong cost-competitive options, like cheap domain name registrations and domain name transfer services that provide cost security along with peace of mind.

Solid hosting and integrated control tools give banks peace of mind while staying compliant. It allows them to focus on the secure, trusted digital banking they want to deliver.

Compliance Roadmap for Financial Institutions

Moving to the new .bank.in domain, compliance is structured as a regulatory streamline and is more so an onboarding compliance exercise to protect India’s digital banking landscape.

Eligibility and Application

Initially, banks and other financial institutions will have to complete their RBI regulated status to initiate registration for the domain. Once this is complete, they will be able to obtain their primary and secondary domain and ensure the domain’s security and cover their brand for all .bank.in digital properties.

The Technical Shift

The last and final step for institutions is to change their digital assets. Websites, email servers, APIs, and even third-party integrations will have to be updated in a bid to show the new .bank.in identity to the world. The technical side will ensure the secure side is seamless; no user will even notice the change!

Customer Education

Organizing awareness campaigns on using only verified bank-in domains legally aids in educating customers. This builds trust and reinforces long-term confidence in RBI, which promotes safe and secure digital banking.

MilesWeb Hosting + .bank.in Domain Compliance Features

Obtaining a .bank.in using MilesWeb’s secure hosting facility will ensure that financial institutions not only meet but exceed RBI digital Compliance requirements. For regulated banking institutions, MilesWeb provides a hosting environment built on the pillars of security, dependability, and manageability. With 99.9% uptime, Enhanced Distributed Denial of Service Protection, and automatic SSL and DNSSEC frameworks, banks secure their online services and operations in digital banking.

Excessive features, such as on-demand backups, real-time monitoring, and a custom control dashboard, enable users to securely and efficiently manage their domains and data. Additionally, the technical team provides 24/7 technical services. These features contribute towards making MilesWeb a trusted hosting service transitioning institutions from .com domain to .bank.in domains, which enables institutions to empower their customers with safety and transparency in banking.