Summary:

The Reserve Bank of India (RBI) plans to launch a pilot program in 2025 that will provide affordable local cloud data storage to financial institutions. The RBI aims to compete with multinational cloud services such as AWS, Microsoft Azure, Google Cloud, and IBM Cloud through partnerships with domestic IT companies. India’s cloud services industry, valued at $8.3 billion in 2023, is projected to reach $24.2 billion by 2028.

The RBI's cloud storage initiative aligns with its data localization push in the financial services sector. Initially funded by the RBI’s asset development fund of US$ 2.72 billion (Rs. 22,974 crore), the project will collaborate with private-sector tech firms, with EY as an advisor. Local IT companies are invited to bid, and data centers will be set up in Mumbai and Hyderabad. The program will expand over time, eventually involving financial firms.

Source: IBEF

Disclaimer: The information on this website comes from the India Brand Equity Foundation (IBEF), a reliable source for thorough insights into numerous areas of the Indian economy. While we aim to offer accurate and up-to-date information, the views, opinions, and analyses stated herein are solely those of the authors and contributors and do not necessarily represent IBEF's official stance or position. Readers should check information from credible sources and use their own discretion when relying on content provided on this site. We assume no responsibility or liability for the supplied content, including its accuracy, completeness, and usefulness.