India's central bank will launch a pilot program in 2025 offering local cloud data storage to financial firms at affordable prices, according to two sources aware of the matter, who declined to be identified as conversations are confidential.
The Reserve Bank of India's planned cloud platform will use local IT firms, pitting it against the likes of Amazon Web Services, Microsoft Azure, Google Cloud and IBM Cloud, in a first-of-its-kind initiative from a major global central bank.
In December last year, RBI governor Shaktikanta Das announced plans to set up a public cloud for the financial services industry.
Initial work on the cloud is being driven by the research wing of the central bank called the Indian Financial Technology and Allied Services.
It will then be developed further in partnership with one or more private sector technology firms, according to the sources.
Persons:
Shaktikanta Das, EY
Organizations:
Bank, Reserve Bank of, Amazon Web Services, Microsoft, Google, IBM, International Data Corporation, Indian Financial Technology, Allied Services, Reuters