RBI plans cloud for financial data, repository for fintech information

In a move to enhance security, integrity and privacy of financial sector data and bring transparency on fintechs in the country, the Reserve Bank of India (RBI) is set to establish a cloud facility and a repository for capturing information on fintech firms.

The Indian Financial Technology and Allied Services (IFTAS), a wholly-owned subsidiary of the RBI, will set up and operate the cloud facility.

It will be rolled out in the medium term and eventually be transferred to a separate entity owned by financial sector participants, the regulator said.