RBI to take on Google, Microsoft with its first-ever cloud platform: Report

The Reserve Bank of India (RBI) plans to launch an affordable, local cloud data storage pilot programme in 2025, for financial firms, Reuters reported, citing two sources. This is a first-of-its-kind initiative by a major central bank.

India’s cloud services market was estimated to be at $8.3 billion in 2023 and is expected to grow up to $24.2 billion by 2028. But it is largely dominated by foreign players. The RBI’s new initiative will use local IT companies and compete with global providers like Amazon Web Services (AWS), Google Cloud, IBM Cloud, and Microsoft Azure, it added.