The Indian Central Bank provides an exclusive field “.
The Reserve Bank in India said in a statement on Wednesday that the Institute for Development and Research in Banking Technology (IDRBT) will be the exclusive recorder of the new field. The Central Bank plans to launch a separate “fin” field for financial institutions other than banks.
Sanjay Malhotra said: “Increasing fraud in digital payments is a major concern,” adding that the new field system aims to reduce cybersecurity threats and malicious activities such as hunting. The move comes at a time when India is struggling with an increase in digital payment fraud and predatory lending applications.
The central bank said it will issue detailed guidelines for banks separately for the new initiative, which was designed to help users distinguish between legitimate banking websites from fraudulent banking sites.
