RBI's Big Move: 'Bank.in' Domain to Combat Digital Fraud from April!

New Delhi (The Uttam Hindu) : The Reserve Bank of India (RBI) has expressed concern over the rising cases of digital fraud in the country. Governor Sanjay Malhotra stated that the increasing instances of cybercrime are a major concern and require immediate attention. To address this issue the RBI has announced the introduction of the Bank.in domain, starting April 2025. This domain will be exclusive to authorized banks, ensuring secure digital banking services for customers and protecting them from fake websites.

In another significant development, the RBI has cut the repo rate by 25 basis points, effective immediately. This reduction marks the first cut in five years, bringing the repo rate down from 6.5% to 6.25%. The move is expected to provide relief to the middle class as it will lead to a decrease in loan interest rates. Governor Malhotra emphasized the RBI's commitment to combating digital fraud and ensuring secure digital banking services for customers. He assured that the RBI is working diligently to address the issue and will soon find a solution. The repo rate cut is expected to encourage banks to offer loans to customers at lower interest rates, promoting economic growth and helping people achieve their goals. This move by the RBI is seen as a significant step towards promoting digital security and economic growth in the country.