Official announcement from the Reserve Bank of India or major financial news outlets

RBI to Launch Pilot Cloud Services in 2025 to Counter Global Firms

Nov 18, 2024, 06:30 AM

The Reserve Bank of India (RBI) plans to launch its own cloud services in 2025, aiming to localize payments and financial data storage. This initiative is part of RBI's strategy to counter the dominance of global firms in the cloud services sector. The new service will offer local cloud data storage to financial firms at affordable prices, according to sources familiar with the matter. This move aligns with India's broader push for data localization and enhanced security within its financial sector. The RBI will initiate a pilot programme in 2025 to test this service.