Mumbai: The Reserve Bank of India (RBI) is preparing to launch a pilot program for cloud services in 2025, aimed at providing affordable data storage for local financial firms. This move is seen as an effort to reduce dependence on foreign cloud providers like Amazon, Microsoft, and Google.
RBI’s cloud platform will use local IT companies to cater specifically to smaller banks and financial services firms, which often find current options too expensive. The pilot will roll out in phases and expand gradually, focusing on addressing the needs of these smaller firms.
India’s cloud market, estimated at $8.3 billion in 2023, is expected to grow significantly to $24.2 billion by 2028, but it remains dominated by foreign players. By entering this space, the RBI aims to offer a competitive local alternative.
This initiative follows an announcement by RBI Governor Shaktikanta Das last year about plans to develop a public cloud for the financial sector, highlighting the central bank’s focus on boosting data security and supporting local businesses.
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