Government Rolls Out New Banking Domain to Tackle Digital Fraud + RBI has also decreased the repo rate by 25 bps

The Central Bank of India has come up with two different domains that will be exclusive to banks and non-bank financial bodies to fight financial fraud. The banking organization will use “bank.in” and the “fin.in” domain will be assigned to non-banking financial organizations.?

So, how will these organizations acquire these domains? IDBT, that is the Institute for Development and Research in Banking Technology will act as an official registrar portal for acquiring these domains. However, the further doable hasn’t been disclosed yet and it has also been stated that information will only be shared with the concerned bodies.?

The RBI governor Sanjay Malhotra is quite optimistic about this initiative and hopes that it will bring aid to the damage done by financial fraud.?

But this is not the end yet, RBI has also decreased the repo rate by 25 bps which means that people who wish to get a home or personal loans will now enjoy lower interest rates.

Now, the question is are these two initiatives gonna have some positive impacts or are there some hidden backdrops? Well, it depends on the execution and upcoming time. Laws change but still, frauds find a way out. However, it can be clearly stated that separating domains and confiding information will surely uplift the current scenario.?

Furthermore, the repo rate cut is quite an impressive move as it’s the first one after 5 years. This will surely encourage people who want some financial support and are also looking for investment. But again, the chances of high inflation and low interest rates on savings raise concerns.?

As said earlier, the actual results will always depend on how flexible the rules will be and how well they will be executed.?