Separate internet for banks : Governor Sanjay Malhotra announced the launch of a separate internet for banks in the meeting of the Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) today. The decision has been taken in view of the increasing cases of fraud in digital payments.
Financial services will get more protection
The purpose of introducing separate internet for banks is to provide security to financial services while reducing malicious activities such as cyber fraud and phishing. So that more and more people stay connected to digital banking and payment services and increase customer trust in them. The Institute of Banking Technology Development and Research (IDRBT) will act as a specialised registrar in this direction. The process of registration of this domain will start from April, 2025. Detailed guidelines for banks will issued separately.
AFA Assistant for Digital Security
The Reserve Bank is taking several measures to promote digital security in banking and payment systems. The additional authentication factor (AFA) for domestic digital payments is one of these measures. An additional factor of authentication is proposed to extend international digital payments online to offshore merchants. The RBI also said that banks and NBFCs should continue to improve cyber risk mitigation measures.
