India’s central bank, the Reserve Bank of India (RBI), is taking a bold step to revolutionize the country’s digital infrastructure. By 2025, the RBI plans to launch its own cloud services, aiming to protect sensitive financial data and reduce the country’s reliance on foreign technology companies like Amazon, Google, Microsoft, and IBM, according to a Reuters report.
This ambitious project, labeled as a “first-of-its-kind” initiative, is part of a larger push to give India more control over its digital infrastructure. By using cloud solutions developed by Indian IT firms, the RBI hopes to create a secure and cost-effective alternative for the country’s financial institutions.
Why Is RBI Doing This?
India’s cloud market is booming, valued at $8.3 billion in 2023 and projected to nearly triple to $24.2 billion by 2028. However, global tech giants dominate this space, raising concerns about data privacy and dependency. With this new cloud service, the RBI wants to ensure tha...
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