The Reserve Bank of India (RBI) has announced new measures aimed at strengthening digital security and enhancing user protection, a move that aligns with India’s rapid progress towards becoming a digital payments powerhouse.
Yashwant Lodha, Co-founder of PayNearby, India’s leading branchless banking and digital network, lauded the RBI’s initiatives. “India is making rapid strides towards becoming a digital payments powerhouse and with this, the RBI’s focused measures to strengthen digital security and enhance user protection are timely and essential,” he said.
Key steps include the introduction of an exclusive ‘fin.in’ domain for financial institutions and the extension of Additional Factor Authentication (AFA) to international digital payments using the ‘bank.in’ domain. These measures are designed to secure the digital ecosystem against increasingly sophisticated frauds.
“The introduction of an exclusive ‘fin.in’ domain for financial institutions and the extension of Additional Factor Authentication (AFA) to international digital payments with ‘bank.in’ domain are critical steps toward securing the digital ecosystem,” Lodha noted.
He emphasized that a proactive approach to digital security would build greater trust in digital financial services. “With frauds becoming more sophisticated, a proactive approach to digital security will help build greater trust in digital financial services. At PayNearby, we remain committed to enabling safe and seamless transactions for Bharat, ensuring that every citizen, even at the last mile, can confidently embrace digital payments,” Lodha added.
The RBI’s latest measures reflect its commitment to fostering a secure digital environment as India continues to embrace financial technology innovations.