Phishing has become a big concern - and it has started to hit Indians in large numbers. With the following two reports from ET - http://economictimes.indiatimes.com/Infotech/Internet_/Call_Centre_man_held_for_hacking_bank_account/rssarticleshow/2548793.cms and http://economictimes.indiatimes.com/Infotech/Internet_/Phishers_get_smarter_keep_ICICI_clueless/rssarticleshow/2527034.cms , its very clear that Phishing is on big time in India. The targets are innocent, non tech-savvy elders who would seldom understand that ICICIBANK.com and domain1.com/iciciabc are different if the UI looks the same. The e-Zombies are wrecking havocs by exploiting these people.
It is highly recommended to use the features provided by the browser manufacturers to keep yourself safe from the same -
IE 7 (IE blog also gives a high-level overview of the protection process) - http://blogs.msdn.com/ie/archive/2005/09/09/463204.aspx
Firefox 2 - http://www.mozilla.com/en-US/firefox/phishing-protection/
Opera - http://www.opera.com/docs/fraudprotection/
However, its always recommended to rely on common-sense and also on the banks recommendation - i.e. never divulge your PIN online etc before even using e-banking even for the first time.