From Investing.com: 2024-11-18 01:20:34

India’s central bank plans to launch a pilot programme in 2025 for local cloud data storage, offering affordable prices to financial firms. The move will challenge foreign giants like Amazon, Microsoft, Google, and IBM. The cloud services market in India was valued at $8.3 billion in 2023, expected to reach $24.2 billion by 2028.

The pilot project, to be implemented in phases, aims to cater to the needs of smaller banking and financial services firms. RBI governor Shaktikanta Das announced plans for a public cloud for the financial industry last year. The project, led by the central bank’s research wing, will receive funding from the asset development fund.

The RBI’s initiative aligns with its focus on data localization. Only Indian companies with experience in cloud-related solutions can bid for the project, requiring data centers in Mumbai and Hyderabad. Interest from private players is high, with many IT and cloud services companies eager to partner.

The project will be funded by the central bank’s asset development fund, with potential equity participation from financial firms later on. The final cost of the project remains unknown. The RBI’s move towards data localization is part of its broader strategy to localize payments and financial data.



Read more at Investing.com: Exclusive-India cenbank plans 2025 launch of cloud services, countering dominance of global firms By Reuters