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RBI to offer cloud storage services as part of digital public infrastructure

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Unlike global economy, India will not slow down: RBI- The New Indian Express
  1. RBI aims to establish a cloud facility for India’s financial sector to bolster data security, integrity, and privacy.
  2. The service, to be operated by RBI’s subsidiary, IFTAS, will eventually transition to a separate entity owned by financial sector participants.
  3. This initiative mirrors the government’s approach with the ‘digital public infrastructure’ (DPI) used for Aadhaar and UPI.
  4. The RBI’s cloud service rollout will occur gradually, focusing on enhancing data security and aligning with existing norms for data localization.
  5. While not intended as a step towards data sovereignty, RBI’s Deputy Governor sees this cloud service as beneficial, especially for smaller entities, providing scalability and operational efficiency.

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