On December 8, 2023, Shaktikanta Das, governor, Reserve Bank of India (RBI), addressed the nation on the central bank’s monetary policy stance. At the concluding parts of the press conference, Das spoke on the establishment of a cloud facility for the financial sector in India.
According to Das, banks and other financial institutions are responsible for maintaining an increased volume of data, for which they utilise cloud facilities. “The RBI is working on establishing a cloud facility for the financial sector in India. Such a facility would enhance data security and privacy. It would also facilitate scalability and business continuity. The cloud facility is intended to be rolled out in a calibrated fashion over the medium term,” Das added.
