RBI Releases App to Offer Financial and Economic Data Access

Nitin Konde, Varun Bhardwaj

19 Feb 2025 — 4 min read

RBI Launches App for Easy Access to Financial and Economic Data

A mobile application developed by the Reserve Bank of India (RBI) will provide users with access to over 11,000 distinct sets of economic data about the Indian economy. The RBIDATA app allows users to download statistics for analysis and includes information on data source, unit of measurement, frequency, and recent developments for better comprehension. The software is designed to help researchers, students, and the general public, the central bank said in a statement. It also provides fast access to the database on the Indian economy webpage.

This comes at a time when, in addition to launching programs for better data access throughout the nation, the RBI is also implementing a number of measures to fight financial crime and enhance transaction security. In order to combat cybersecurity threats and illicit actions like phishing, the central bank, for example, launched a special domain, "bank.in," for Indian banks earlier this month.

Commenting on this development Rajjat Gulati, Co-Founder, plutosONE stated, "The Reserve Bank of India is a treasure trove of information about the Indian Economy. From data about Payment Systems, to Macroeconomic Indicators, to the opinions of Policy-makers, Business Leaders depend on this information for knowledge and decision-making. By releasing the RBIDATA App, the RBI has taken a large step towards making this information much more accessible. Anyone looking to understand the Indian Economy or take Business Decisions will now have access in the palm of their hands. We know this will greatly benefit our workflows."

Echoing similar thoughts, Rajesh Katoch, CEO, EZ Capital said, "The Reserve Bank of India (RBI) has made an important move in the direction of greater transparency and access to financial data with its new mobile application, RBI Data. This revolutionary platform empowers the user through instant access to a treasure of economic and financial data, comprising major indicators, reports, and statistics that form the basis for sound decision-making. In the age of data-driven insights, the RBI Data app is an invaluable resource for researchers, policymakers, and the public at large. By providing access to this information at their fingertips, the RBI is not only encouraging a culture of engaged financial literacy but also active participation in the economic landscape of India."

Further applauding the development, Sahil Lakshmanan, Chief Business Officer, CarePal Money stated,"The launch of the RBIDATA app is a significant step toward democratizing access to economic and financial data in India. For the lending industry, access to comprehensive macroeconomic and financial data is crucial for assessing market trends, credit risk, and economic stability. With features enabling real-time data analysis, the RBIDATA app can help lenders make more informed decisions, improve risk assessment models, and ultimately drive financial inclusion by enabling better access to credit."

‘bank.in’ to Combat Financial Fraud

Recently, the Reserve Bank of India has launched an exclusive domain name for Indian banks, "bank.in.". This was announced at the Monetary Policy Committee meeting by Sanjay Malhotra, the recently appointed governor of the RBI. Later on, the central bank would also launch "fin.in" for the financial industry. "The Reserve Bank shall implement the 'bank.in' exclusive Internet domain for Indian banks," the central bank stated in its most recent notification. This domain name registration will start in April of this year. This will lessen the likelihood of banking fraud. The finance industry's "fin.in" domain will come after this. All Indian banks will be required to use the "bank.in" domain starting in April 2025.

This would lessen digital fraud by assisting consumers in distinguishing authentic banking websites from counterfeit and similar ones. Stricter regulations for online banking have been strengthened by the RBI's introduction of Additional Factor of Authentication (AFA) for domestic digital payments. The Reserve Bank has been taking a number of steps to improve digital security in the banking and payments system, according to the central bank's official statement. One such approach is the implementation of Additional Factor of Authentication (AFA) for domestic digital payments. It is suggested that AFA be expanded to include digital payments made to offshore merchants who have been granted access to such authentication.

Ongoing Scenario of Cybercrime in India

A report by the Data Security Council of India claims that the country's cyber threat landscape has reached a turning point, characterised by an unparalleled level of sophistication and number of threats aimed at both individuals and organisations. This research identifies 369.01 million unique malware detections using telemetry data from Seqrite's installation base, which includes 8.44 million endpoints across the country. Rapid digitalisation in India has greatly improved connectivity and technological adoption in a number of industries, but it has also increased the attack surface and made the country more vulnerable to cyberattacks. These findings, which highlight important trends, threat vectors, and strategic implications for organisations, show the growing problems posed by cyber threats amid India's rapid digital transformation.