RBI plans to launch a pilot program in 2025 for local cloud data storage aimed at financial firms in competition with major global providers. The program will prioritize affordability for smaller institutions and be backed by local IT firms,

This development will place the RBI in direct competition with other service providers like Microsoft Azure, Amazon Web Services, IBM Cloud, and Google Cloud

The Reserve Bank of India is launching a pilot program in 2025 to offer affordable data storage to financial institutions. This cloud platform, utilizing local IT firms, aims to provide a cost-effective alternative to foreign-dominated services and will be expanded in phases,

The move is intended to support local financial companies and counter the current global cloud service providers’ dominance.

The Reserve Bank of India is set to launch a local cloud storage pilot in 2025, challenging global providers like AWS and Google. This initiative aims to support smaller financial firms with cost-effective solutions.

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.