RBI MPC: Governor Sanjay Malhotra Announces 'Fin.in' Domain For Banks. Here's How It Will Help
RBI MPC: Registration process for the 'fin.in' secure domain will begin in April 2025.
RBI MPC 2025: The Reserve Bank of India (RBI) announced a groundbreaking cybersecurity initiative during its latest Monetary Policy Committee (MPC) meeting on Friday. Governor Sanjay Malhotra revealed that banks will soon operate under an exclusive domain name, ‘fin.in,’ as a measure to curb cyber fraud. The registration process for this secure domain will begin in April 2025.
Why The 'fin.in 'Measure?
The initiative aims to create a safer digital environment for financial transactions and extend beyond banks to other entities in the financial system over time. Governor Malhotra emphasised that the move is part of a broader effort to enhance cybersecurity and trust in digital banking services.
In addition to this key development, the RBI is set to introduce two-factor authentication for international online transactions, further bolstering security for cross-border digital payments.
Repo Rate Reduced
On the monetary policy front, the committee unanimously decided to reduce the repo rate by 25 basis points, bringing it down from 6.5 per cent to 6.25 per cent. The central bank also shifted to a 'neutral' monetary stance, indicating its readiness to adapt to changing economic conditions. This was the first MPC meeting chaired by Governor Malhotra since he assumed office in December 2024, succeeding Shaktikanta Das.
The RBI provided an optimistic economic outlook, projecting GDP growth for the fiscal year 2025-26 at 6.7 per cent. Quarterly growth estimates are set at 6.7 per cent for Q1, 7 per cent for Q2, and 6.5 per cent for both Q3 and Q4. Inflation is expected to gradually decline, aided by favourable conditions in the food sector.
Governor Malhotra also clarified that the RBI does not target specific exchange rates, as these are determined by market forces. Recent liquidity constraints were attributed to advance tax payments.
The introduction of the ‘fin.in’ domain underscores the RBI’s proactive approach to safeguarding the digital financial ecosystem while supporting India’s evolving economic landscape.
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