RBI to establish cloud facility for financial sector to secure data privacy

To bolster data security and combat the surge in cybercrime, the Reserve Bank of India (RBI) announced during the monetary policy announcement on Friday that it would introduce a dedicated cloud facility for the financial sector. The cloud facility aims to enhance privacy, scalability, and business continuity.

The RBI recognised that banks and financial entities needed to manage an “ever-increasing volume of data”, noting that many banks had already been leveraging cloud facilities to do the same.