Exclusive Domain For Banks To Curb Frauds

Mumbai: The overall number of frauds, including those related to loan accounts and digital payments, jumped by three times in FY25, primarily due to reclassification of 122 cases as per a Supreme Court order.

There were 13,516 frauds by number under the card and internet frauds category as of end-FY25, which was 56.5 per cent of the 23,953 frauds. The RBI has proposed to introduce an exclusive internet domain for the banks in India in the form of ‘bank.in’ and ‘fin.in’ for non-banks, it said.

The initiative will help secure financial services and also help identify cybersecurity threats and malicious activities like phishing and would also considerably reduce instances of financial loss to the general public.