Starting in April 2025, Indian banks will transition to using the ‘.bank.in’ domain, distinguishing legitimate banking websites from fraudulent ones. Additionally, a ‘fin.in’ domain will be introduced for broader financial sector websites.

Addressing the surge in digital fraud, Malhotra emphasized the need for collective action from all stakeholders to address the growing concern. He confirmed that these measures are part of a series of initiatives to strengthen the security of banking and payment systems.

Further bolstering digital security, the RBI is extending its additional factor of authentication (AFA) for digital transactions. This enhancement will now also apply to international online payments made to offshore merchants, ensuring a safer environment for cross-border digital transactions.

In addition to these security measures, the RBI unveiled new steps to better manage interest rate risks. This includes the introduction of a new forward contract for government securities, primarily benefiting long-term investors, such as insurance funds.

To encourage greater retail participation in government securities, the RBI will expand access to the NDS-OM platform, enabling non-bank brokers to participate more actively in secondary market trading of government securities.

Furthermore, the RBI will form a working group to review trading and settlement timings across various financial markets regulated by the Reserve Bank. This review will help adapt to the changing dynamics of the market, with a report due by April 30, 2025.

Despite a moderation in net interest margins, Malhotra reassured that liquidity buffers within banks are sufficient, with healthy Return on Assets (RoA) and Return on Equity (RoE). The financial system, including Non-Banking Financial Companies (NBFCs), remains robust, ensuring the stability of India’s financial ecosystem.

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While there has been no official announcement regarding his continuation, an extension would make Das the longest-serving RBI Governor since Benegal Rama Rau, who held the position for 7.5 years from 1949 to 1957.

Shaktikanta Das, the 25th Governor of the RBI, assumed office on December 12, 2018, and has played a pivotal role in steering India’s monetary policy during critical periods. His tenure has seen significant challenges, including the economic fallout of the COVID-19 pandemic and global geopolitical disruptions. His term was previously extended in 2021, reflecting his importance to the financial sector.

Before his appointment as RBI Governor, Das served as Secretary in the Departments of Revenue and Economic Affairs under the Ministry of Finance. He also served as India’s G20 Sherpa and was a Member of the 15th Finance Commission. With over four decades of experience, he has held prominent roles in central and state governments, focusing on finance, taxation, industries, and infrastructure.

Das is also credited with playing a significant role in the preparation of eight Union Budgets during his tenure in the Finance Ministry, underlining his deep expertise in fiscal and economic policymaking. An alumnus of St. Stephen’s College, Delhi University, Das is known for his pragmatic approach and decisive leadership.

As December 10 approaches, speculation about the RBI’s leadership remains high. The decision to extend Das’ term or appoint a new Governor will have significant implications for the country’s monetary policy and economic direction.

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