RBI to Launch Indigenous ‘IFS Cloud’

The Reserve Bank of India (RBI) has announced a strategic initiative to enhance digital resilience and reduce dependence on global technology infrastructure by rolling out a sovereign cloud solution tailored for the Indian financial sector.

Key Highlights

Indian Financial Services (IFS) Cloud Launch

• Timeline: FY 2025–26
• Developed by: Indian Financial Technology & Allied Services (IFTAS), an RBI subsidiary
• Purpose:
  • Promote data localisation
  • Reduce reliance on foreign cloud service providers
  • Provide cost-effective cloud solutions for small banks and NBFCs
• Ownership: Initially RBI-owned; to be transferred to a financial sector consortium in the future
• Type: Community cloud for RBI and its regulated entities

e-Kuber Upgrade (RBI’s Core Banking System)

• Enhancements Planned:
  • New modules for government auctions, public debt management, and financial literacy
  • Cloud-native and API-first redesign
• Objective: To handle growing digital volumes and improve scalability
• Coverage: Already serves 250+ commercial banks and state governments

Cybersecurity & Digital Trust Measures

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• New Internet Domains:
  • Launch of ‘.bank.in’ and ‘.fin.in’ domains
  • Managed by IDRBT (Institute for Development and Research in Banking Technology)
  • Objective: Reduce phishing risks and enhance trust in digital banking platforms

AI Governance Framework

• Focus Areas:
  • Regulate use of AI/ML by RBI staff and partners
  • Emphasize data protection, algorithmic transparency, and operational integrity

Strategic Importance

• Aligns with India’s sovereign digital infrastructure goals
• Supports the financial inclusion of smaller institutions
• Strengthens cyber resilience and consumer trust in digital platforms