RBI to take on Google, Microsoft with its first-ever cloud platform: Report
The Reserve Bank of India plans to launch an affordable, local cloud data storage pilot programme in 2025, for financial firms, Reuters reported, citing two sources. The RBI's new initiative will use local IT companies and compete with global providers like Amazon Web Services, Google Cloud, IBM Cloud, and Microsoft Azure, it added. The second source told the news agency that the project's funding is set to come from the RBI's $2.72 billion asset development fund, with later-stage equity funds to be invited. Data Localisation Key Notably, RBI Governor Shaktikanta Das had in December 2023 said that the central bank intends to set up a public cloud for the financial services industry. It said that as per a procurement document published on the IFTAS website in October, the RBI has only invited incorporated Indian companies with prior cloud solutions experience to bid for the project.
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