RBI aims to store your financial data on cloud to boost security, privacy
As part of the Statement on Developmental and Regulatory Policies. RBI said on December 8, 2023, «Banks and financial entities are maintaining an ever-increasing volume of data.
Many of them are utilising various public and private cloud facilities for this purpose. The Reserve Bank is working on establishing a cloud facility for the financial sector in India.
The proposed facility would enhance the security, integrity and privacy of financial sector data. It is also expected to facilitate scalability and business continuity.
The cloud facility will be set up and initially operated by Indian Financial Technology & Allied Services (IFTAS), a wholly-owned subsidiary of RBI. Eventually, the cloud facility will be transferred to a separate entity owned by the financial sector participants.
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