Latest news with #IFS)Cloud
Time of India
29-05-2025
- Business
- Time of India
RBI's cloud storage facility to help localise data
Mumbai: RBI will promote data localisation by providing its own cloud services through the launch of Phase I of the Indian Financial Services (IFS) Cloud in 2025-26. Developed by its subsidiary IFTAS, the community cloud is designed exclusively for RBI and financial institutions to enhance data security, privacy, and operational efficiency while ensuring compliance with India's data localisation rules. The platform will offer affordable, scalable cloud services, enabling smaller banks and NBFCs to access advanced technology, reduce costs, and encourage collaboration with domestic tech firms. Ownership is expected to transfer to a consortium of financial sector players over time. The central bank will also upgrade e-Kuber, its core banking solution, with new modules for govt auctions, public debt management, and financial literacy. e-Kuber supports over 250 commercial banks and state govts, provides a single account structure, and handles real-time settlements such as RTGS and NEFT. Its cloud-native, API-first design improves scalability and flexibility to handle rising transaction volumes and digital initiatives. Further reforms include developing alternate digital payment and messaging systems with advanced features and modern standards to enhance security and user experience. RBI will introduce an AI governance policy to ensure responsible use of AI and machine learning by employees and partners, focusing on data protection and operational integrity. To tackle growing digital payment fraud, RBI plans to launch exclusive internet domains—' for banks and ' for financial services—with IDRBT as registrar. This aims to reduce phishing and cyber threats and strengthen trust in digital banking. These steps reflect RBI's focus on modernising India's payment infrastructure, enhancing security, and driving innovation amid rapid digitalisation. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
29-05-2025
- Business
- Time of India
RBI will modernise payment infrastructure security and innovation through cloud services and digital reforms
RBI will promote data localisation by providing its own cloud services through the launch of Phase I of the Indian Financial Services (IFS) Cloud in 2025-26. Developed by its subsidiary IFTAS, the community cloud is designed exclusively for RBI and financial institutions to enhance data security, privacy, and operational efficiency while ensuring compliance with India's data localisation rules. The platform will offer affordable, scalable cloud services, enabling smaller banks and NBFCs to access advanced technology, reduce costs, and encourage collaboration with domestic tech firms. Ownership is expected to transfer to a consortium of financial sector players over time. The central bank will also upgrade e-Kuber, its core banking solution, with new modules for govt auctions, public debt management, and financial literacy. e-Kuber supports over 250 commercial banks and state govts, provides a single account structure, and handles real-time settlements such as RTGS and NEFT. Its cloud-native, API-first design improves scalability and flexibility to handle rising transaction volumes and digital initiatives. Further reforms include developing alternate digital payment and messaging systems with advanced features and modern standards to enhance security and user experience. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 2025 Top Trending local enterprise accounting software [Click Here] Esseps Learn More Undo RBI will introduce an AI governance policy to ensure responsible use of AI and machine learning by employees and partners, focusing on data protection and operational integrity. To tackle growing digital payment fraud, RBI plans to launch exclusive internet domains—' for banks and ' for financial services—with IDRBT as registrar. This aims to reduce phishing and cyber threats and strengthen trust in digital banking. These steps reflect RBI's focus on modernising India's payment infrastructure, enhancing security, and driving innovation amid rapid digitalisation. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
