In a noteworthy revelation during the recent monetary policy briefing, RBI Governor Shaktikanta Das shared insights that go beyond just the interest rates. He kept the repo rate at 6.5 per cent to keep the economy steady. He also shared a big plan to change how we handle our financial information.
Governor Das talked about the problems banks and financial entities face while handling lots of information. To tackle this, a significant work is in progress to establish a dedicated cloud system exclusively for the financial sector in India.
The plan is to ensure our financial information is safe, private and in good shape. Imagine it like an extra layer of protection. Governor Das said that this decision will not just make our information safer but also help make things work better and keep businesses going smoothly.
The phased implementation of this dedicated cloud facility is planned meticulously over the medium term. It is not a sudden change but a well-thought-out process to make sure everything happens smoothly.
This big and important change has many important parts. First, it makes sure our financial information is almost perfectly safe. As we live in a world where information is crucial, knowing that our financial details are in safe hands is reassuring. Next, using cloud technology helps banks handle more information in a smart way. This makes it easier for our banks to deal with more information and keep everything going well.
Also, this step makes India a top player in using such technology in financial matters. RBI being part of making this special cloud might make new rules for banks about how they use this technology. This might change how businesses do things and the rules they have to follow.
