Explorer

RBI Looking To Launch Cloud Services In 2025, Says Report

This development will place the RBI in direct competition with other service providers like Microsoft Azure, Amazon Web Services, IBM Cloud, and Google Cloud

The Reserve Bank of India (RBI) is set to launch a pilot programme in 2025 that will offer local cloud data storage to financial companies at affordable rates, media reports said.

The planned cloud platform of the central bank will use local IT firms, reported Reuters citing sources in the know who wished to remain anonymous. This development will place the RBI in direct competition with other service providers like Microsoft Azure, Amazon Web Services, IBM Cloud, and Google Cloud.

This marks the first-of-its-kind initiative from a major central bank. The cloud services market is rapidly growing and was estimated at $8.3 billion in India in 2023. The market is expected to expand further to touch $24.2 billion by 2028, a report by International Data Corporation revealed.

Also Read : Govt Set to Exceed Rs 22.07 Lakh Crore Direct Tax Collection Target: CBDT Chairman

However, the segment remains largely dominated by foreign firms. “We want to start implementing on a smaller scale in the next few months,” the report noted citing a source who is working at a senior level in the project.

The report further said that the pilot level will be expanded in several phases in the next few years and this service is being built keeping in mind the requirements of smaller banking and financial services entities who find current offerings beyond their affordability.

Earlier last year in December, Governor Shaktikanta Das announced plans to launch a public cloud service for the financial industry. The project will initially be funded by the RBI’s asset development fund of Rs 229.74 billion, the report noted.

The report cited a source and said, “We have a humongous amount of interest (from private players who want to partner). A significant number of IT companies as well as Indian cloud services companies have expressed their interest.”

Also Read : ED Looks Into E-Commerce, Begins Investigation Into Amazon, Flipkart On FDI Violations: Report

View More
Advertisement
Advertisement
25°C
New Delhi
Rain: 100mm
Humidity: 97%
Wind: WNW 47km/h
See Today's Weather
powered by
Accu Weather
Advertisement

Top Headlines

Mumbai: 13 Dead After Ferry Capsizes Near Gateway Of India, 101 Rescued, CM Announces Ex Gratia
Mumbai: 13 Dead After Ferry Capsizes Near Gateway Of India, 101 Rescued, CM Announces Ex Gratia
JPC Constituted On 'One Nation One Election' Bills, Priyanka Gandhi, Anurag Thakur Among Members
JPC Constituted On 'One Nation One Election' Bills, Priyanka Gandhi, Anurag Thakur Among Members
Moment When Speed Boat Rammed Into 'Neelkamal' Ferry, Which Capsized Killing 13 In Mumbai — On Cam
Moment When Speed Boat Rammed Into 'Neelkamal' Ferry, Which Capsized Killing 13 In Mumbai — On Cam
'PM Modi Should Sack Amit Shah By Midnight If...': Congress' Big Attack On Centre Over Ambedkar Issue
'PM Modi Should Sack Amit Shah By Midnight If...': Congress' Big Attack On Centre Over Ambedkar Issue
Advertisement
ABP Premium

Videos

Priyanka Gandhi's bag creates a stir in politics, listen to what the Congress MP says in answer to the questions | ABP NewsParliament Session: Mallikarjun Kharge's allegation, 'Amit Shah insulted Baba Saheb Ambedkar' | ABP newsParliament Session: What did Shah say in Parliament after which Congress accused him of insulting AmbedkarParliament Session: 'Let me tell the 54-year-old youth who wants to change the Constitution...' Amit Shah

Photo Gallery

Embed widget