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.jpg "RBI MPC Meeting Decisions: Key Announcements by Governor Sanjay Malhotra")
RBI to Curb Digital Fraud with New Internet Domains for Banks and NBFCs
Giving information about the decisions taken in the three-day meeting of the Monetary Policy Committee (MPC) on Friday, the new RBI Governor Sanjay Malhotra said, the increase in digital fraud is a matter of concern.
Everyone needs to take the necessary steps to curb this. The purpose of this decision is to increase trust in the financial sector.
To curb digital fraud, the internet domain names of banks and non-banking financial companies (NBFCs) will change.
To curb digital fraud, the internet domain names of banks and non-banking financial companies (NBFCs) will change.
With this change, the names of the websites of banks and NBFCs will also change. While banks will have to use banks.in, NBFCs will have to use fin.in.
A special internet domain will be started for banks from April 1. In the coming time, fin.in will also be started for NBFCs.
Enhanced Cybersecurity Measures to Increase Confidence in Digital Banking
Due to the rapid digitization of financial services, customers are getting better facilities. However, cyber threats and digital risks have also increased.
Enhanced Cybersecurity Measures to Increase Confidence in Digital Banking
Due to the rapid digitization of financial services, customers are getting better facilities. However, cyber threats and digital risks have also increased.
These are increasing every day. This RBI initiative aims to reduce cyber security threats and malicious activities like phishing and streamline secure financial services, thereby increasing people's confidence in digital banking and payment services.
The Governor said the Institute for Development and Research in Banking Technology (IDRBT) will act as a special registrar.
The Governor said the Institute for Development and Research in Banking Technology (IDRBT) will act as a special registrar.
Similarly, it has been decided to protect the customers of non-financial institutions. Special domains will also be made available for them. Actual registrations will start from April 2025. Detailed instructions for banks will be issued separately.
No Risk of Inflation Rising Due to Income Tax Relief
Providing income tax relief to the middle class in the budget will increase consumption in the country. However, there is no risk of inflation rising due to an increase in consumption; rather, it will definitely support economic growth.
No Risk of Inflation Rising Due to Income Tax Relief
Providing income tax relief to the middle class in the budget will increase consumption in the country. However, there is no risk of inflation rising due to an increase in consumption; rather, it will definitely support economic growth.
This budget is excellent from the point of view of both inflation and growth.
Cross-Border Payments to Be More Secure
RBI has further increased the scope of security by enabling an Additional Factor of Authentication (AFA) in cross-border 'card not present' transactions.
Cross-Border Payments to Be More Secure
RBI has further increased the scope of security by enabling an Additional Factor of Authentication (AFA) in cross-border 'card not present' transactions.
The introduction of AFA for digital payments has increased the security of transactions, which has increased customers' confidence in digital payments. However, it is mandatory only for domestic transactions.
It is proposed to enable AFA for international card-not-present (online) transactions as well as to provide the same level of security as in online cross-border transactions using cards issued in India.
It is proposed to enable AFA for international card-not-present (online) transactions as well as to provide the same level of security as in online cross-border transactions using cards issued in India.
The draft will be released soon for feedback from stakeholders.
Food Prices to Fall Due to Better Crop Yield
Retail inflation may come down to 4.2 percent in the next financial year 2025-26 amid expectations of softening of prices of food items. It is estimated to be 4.8 percent in the current financial year. RBI Governor said, there is no possibility of any shock on the supply front.
Retail inflation came down to a four-month low of 5.22 percent in December 2024 due to the fall in prices of vegetables and other food items. It was 5.48 percent in November. Retail inflation rose to a 14-month high of 6.21 percent in October.
Exchange Rate Stability: No Target Set for Rupee
Amid the continuous fall in the rupee, the RBI governor said, the exchange rate policy has been the same for the last several years. The central bank has not set a target of any 'specific level or range' for the rupee.
Food Prices to Fall Due to Better Crop Yield
Retail inflation may come down to 4.2 percent in the next financial year 2025-26 amid expectations of softening of prices of food items. It is estimated to be 4.8 percent in the current financial year. RBI Governor said, there is no possibility of any shock on the supply front.
Retail inflation came down to a four-month low of 5.22 percent in December 2024 due to the fall in prices of vegetables and other food items. It was 5.48 percent in November. Retail inflation rose to a 14-month high of 6.21 percent in October.
Exchange Rate Stability: No Target Set for Rupee
Amid the continuous fall in the rupee, the RBI governor said, the exchange rate policy has been the same for the last several years. The central bank has not set a target of any 'specific level or range' for the rupee.
The exchange rate of the Indian rupee is determined by market factors. Our aim is to maintain order and stability without compromising the efficiency of the market.
The rupee has fallen by about two percent so far this year. The rupee has fallen 3.2 percent against the dollar since the results of the US presidential election were declared on November 6, 2024.
Three Important Banking Rules Postponed Till March 31, 2026
To give lenders enough time to prepare, the RBI has decided to postpone the implementation of three proposed important banking rules till March 31, 2026.
Strict rules for lending to infrastructure projects.
Planning to keep more money aside for digital deposits.
Framework for expected credit losses.
The RBI governor said we do not want to create any disruption. It will be implemented in a phased manner. We do not want all the norms to be implemented simultaneously.
FAQs
1. What is the new domain change for banks and NBFCs?
Banks will use banks.in, and NBFCs will use fin. in to enhance cybersecurity and curb digital fraud.
2. When will the domain changes be implemented?
The new domain for banks will start from April 1, 2025, while fin.in for NBFCs will be introduced later.
3. What is the Additional Factor of Authentication (AFA)?
AFA is an extra security measure introduced by RBI to enhance security in cross-border card-not-present transactions.
4. Will the new banking rules impact credit flow?
No, RBI has postponed the implementation of three banking rules until March 31, 2026, to ensure a smooth transition.
5. What is the expected retail inflation for 2025-26?
Retail inflation is projected to be 4.2 percent for 2025-26, with expectations of food price stability.
6. Will the rupee be stabilized by RBI?
RBI has no fixed target for the rupee; market forces determine its exchange rate, ensuring stability and efficiency.
The rupee has fallen by about two percent so far this year. The rupee has fallen 3.2 percent against the dollar since the results of the US presidential election were declared on November 6, 2024.
Three Important Banking Rules Postponed Till March 31, 2026
To give lenders enough time to prepare, the RBI has decided to postpone the implementation of three proposed important banking rules till March 31, 2026.
Strict rules for lending to infrastructure projects.
Planning to keep more money aside for digital deposits.
Framework for expected credit losses.
The RBI governor said we do not want to create any disruption. It will be implemented in a phased manner. We do not want all the norms to be implemented simultaneously.
FAQs
1. What is the new domain change for banks and NBFCs?
Banks will use banks.in, and NBFCs will use fin. in to enhance cybersecurity and curb digital fraud.
2. When will the domain changes be implemented?
The new domain for banks will start from April 1, 2025, while fin.in for NBFCs will be introduced later.
3. What is the Additional Factor of Authentication (AFA)?
AFA is an extra security measure introduced by RBI to enhance security in cross-border card-not-present transactions.
4. Will the new banking rules impact credit flow?
No, RBI has postponed the implementation of three banking rules until March 31, 2026, to ensure a smooth transition.
5. What is the expected retail inflation for 2025-26?
Retail inflation is projected to be 4.2 percent for 2025-26, with expectations of food price stability.
6. Will the rupee be stabilized by RBI?
RBI has no fixed target for the rupee; market forces determine its exchange rate, ensuring stability and efficiency.
