Media reports Indian central bank to take on international IT leaders
Date
11/20/2024 1:41:58 AM
(MENAFN) India’s central bank, the Reserve bank of India (RBI), is set to launch its own cloud services platform by 2025, aiming to strengthen the country’s digital infrastructure and secure financial data. This move is a response to the growing concerns about data privacy and the dominance of global IT giants like Amazon, Microsoft, Google, and IBM in the cloud services market. The RBI plans to develop a domestic cloud solution, relying on Indian IT firms, which would provide an alternative to the services offered by foreign tech companies.
This initiative, described as a pioneering effort by a central bank, aims to reduce dependence on foreign technology and enhance control over critical financial systems. India's cloud services market is Asia's third-largest, valued at $8.3 billion in 2023, and expected to grow significantly in the coming years. However, it is currently dominated by international players.
The RBI's plan was first announced in December 2023 by Governor Shaktikanta Das, who emphasized the need for enhanced data security, integrity, and privacy in managing the growing volumes of financial data. The platform will undergo testing in phases, with a particular focus on providing affordable solutions for smaller financial institutions. The RBI has invited bids from Indian companies with cloud experience, and the project will be funded initially by the central bank’s asset development fund, with potential for future private sector involvement.
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