The Reserve Bank of India (RBI) plans to launch an affordable, local cloud data storage pilot programme in 2025, for financial firms. This is a first-of-its-kind initiative by a major central bank. India's cloud services market is expected to grow up to $24.2 billion by 2028. But it is largely dominated by foreign players. The RBI's new initiative will use local IT companies and compete with global providers.
The Reserve Bank of India (RBI) plans to launch an affordable, local cloud data storage pilot programme in 2025, for financial firms. This is a first-of-its-kind initiative by a major central bank. India's cloud services market is expected to grow up to $24.2 billion by 2028. But it is largely dominated by foreign players. The RBI's new initiative will use local IT companies and compete with global providers.