London [UK], March 17 : The Reserve Bank of India has been selected for the 'Initiative of the Year Award' by Central Banking, London, UK.
The recognition is for launching the '.bank.in' domain, making India the first country globally to mandate a secure and exclusive Internet domain for the banking system.
The transition enhances consumer confidence, helps reduce digital payment frauds and strengthens financial stability. This has been implemented through the involvement of multiple stakeholders, including the Government of India, NIXI, IDRBT, and banks.
By mandating a domain name for the country's lenders, the RBI has struck a blow against cyber fraud, Central Banking said as they announced the award on Tuesday.
"Digitisation has transformed all aspects of financial infrastructure - from the ways in which individuals and businesses make and receive payments, to the ways in which investment capital is allocated and the performances of individual securities are monitored in real time. But it has come with a cost: a large increase in cyber crime," Central Banking said.
"In emerging economies such as India's, where digitisation is seen as a key tool for financial inclusion, the threats posed by cyber crime are particularly acute," it said.
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