RBI monetary policy: Governor Das says central bank working on establishing cloud facility for financials
RBI Governor Shaktikanta Das said while announcing a proposal to establish data storage facilities for financial institutions (FIs) in India 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," read an RBI statement. Also Read | RBI MPC Meeting: Repo rate unchanged; growth forecast raised; 7 key highlights of December policy meeting Das proposed the cloud facility during the Reserve Bank of India's Monetary Policy Committee (MPC) announcement. At the concluding parts of the press conference, Das spoke on the establishment of a cloud facility for the financial sector in India.
The central bank maintained a status quo on repo rate at 6.50 per cent for the fifth consecutive time. Also Read | RBI MPC Meeting: FY24 inflation forecast remains unchanged at 5.4% The proposed facility is expected to enhance the security, integrity and privacy of financial sector data. It is also likely to enable "scalability and business continuity".
Track Live | RBI MPC Meeting Live Updates: RBI allows reversal of liquidity under SDF, MSF even on weekend holiday, says Das The cloud facility will be set up and initially operated by Indian Financial Technology & Allied Services (IFTAS), a wholly-owned subsidiary of RBI, according to the statement. In the future, the cloud facility will be transferred to a separate entity owned by participants in the financial sector. This cloud facility is intended to be deployed in a phased manner in the medium term, as per the RBI governor.Milestone Alert!
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