The Reserve Bank of India (RBI) is working on establishing a cloud facility for the financial sector in India as it looks to enhance the security, integrity and privacy of financial sector data. The service, which will be developed by a subsidiary of the central bank, will directly compete with similar services offered by American companies like Amazon, Google and Microsoft.
The regulator is taking the same approach as the government has done with setting up ‘digital public infrastructure’ (DPI) — where the underlying technology is built by the government, and is later outsourced to the private sector for developing various applications. The biometric identity programme Aadhaar and United Payments Interface (UPI) are key examples of DPI.
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