RBI announces community cloud for financial sector, proposes fintech repository
1 year, 1 month ago

RBI announces community cloud for financial sector, proposes fintech repository

Hindustan Times  

The Reserve Bank of India will set up a cloud facility for the financial sector in India to secure financial sector data and help with scalability and business continuity, the central bank announced on Friday. Reserve Bank of India The Indian Financial Technology and Allied Services, a wholly-owned subsidiary of the RBI, will set up and operate the cloud facility initially and it will later be transferred to a separate entity owned by the financial sector participants, said the bank. The RBI will also operationalise a fintech repository by the Reserve Bank Innovation Hub by April 2024 that would have information about their activities, products, technology stack, financial information etc. The deputy governor did not clarify if this new entity owned by the financial sector would function like the National Payments Corporation of India, which controls the UPI ecosystem.

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History of this topic

RBI to take on Google, Microsoft with its first-ever cloud platform: Report
1 month, 3 weeks ago

RBI to take on Google, Microsoft with its first-ever cloud platform: Report

Live Mint  

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 …

UPI Disruptions Not NPCI's Fault, Banks' Outdated Tech Is Responsible, Says RBI Guv
6 months, 4 weeks ago

UPI Disruptions Not NPCI's Fault, Banks' Outdated Tech Is Responsible, Says RBI Guv

News 18  

UPI customers around the country have recently been experiencing difficulties due to issues with digital payments. The National Payments Corporation of India, which oversees the UPI platform, is not the primary cause of the frequent disruptions in UPI payments, according to Reserve Bank of India Governor Shaktikanta Das. Furthermore, UPI transactions reach 450 million per day, and according to NPCI …

RBI Actively Working Towards Phased Implementation Of CBDC: Shaktikanta Das
2 years, 3 months ago

RBI Actively Working Towards Phased Implementation Of CBDC: Shaktikanta Das

ABP News  

The Reserve Bank of India Governor Shaktikanta Das on Tuesday said that the central bank is committed to supporting innovation for fintech companies while keeping in mind consumer protection. Further, the RBI is now actively working towards a phased implementation of Central Bank Digital Currency in both wholesale and retail segments. The number of UPI QR code enabled payment acceptance …

Reserve Bank of India puts new payment network plan on hold
3 years, 4 months ago

Reserve Bank of India puts new payment network plan on hold

Hindustan Times  

A plan to allow new entities to create digital payment platforms and end the National Payments Council of India’s dominance in online transactions has been put on hold by the regulator over data safety concerns, two people directly aware of the development said. Public sector lenders such as State Bank of India and Union Bank were, however, barred by the …

Financial operations of Facebook, Google, Amazon regulated, RBI, Sebi tell HC
3 years, 11 months ago

Financial operations of Facebook, Google, Amazon regulated, RBI, Sebi tell HC

India TV News  

The RBI has informed the Delhi High Court that operations of techfin firms such as Facebook, Google and Amazon in India's financial sector space are being regulated under the relevant laws and they have been permitted to function only after necessary compliances. The Securities and Exchange Board of India has also said that it has constituted a Market Data Advisory …

RBI strengthening surveillance framework with rapid growth in fintech innovations, adoptions, says Shaktikanta Das
5 years, 8 months ago

RBI strengthening surveillance framework with rapid growth in fintech innovations, adoptions, says Shaktikanta Das

Firstpost  

Das said the emergence of fintech/digital innovations are a strong transformative force that can reshape the global financial sector Mumbai: With fintech innovations and their adoptions by the financial sector entities growing at a frenetic pace, the Reserve Bank of India is strengthening its surveillance framework. Governor Shaktikanta Das said the central bank is also aligning its framework to help …

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