send mail to support@abhimanu.com mentioning your email id and mobileno registered with us! if details not recieved
Resend Opt after 60 Sec.
By Loging in you agree to Terms of Services and Privacy Policy
Claim your free MCQ
Please specify
Sorry for the inconvenience but we’re performing some maintenance at the moment. Website can be slow during this phase..
Please verify your mobile number
Login not allowed, Please logout from existing browser
Please update your name
Subscribe to Notifications
Stay updated with the latest Current affairs and other important updates regarding video Lectures, Test Schedules, live sessions etc..
Your Free user account at abhipedia has been created.
Remember, success is a journey, not a destination. Stay motivated and keep moving forward!
Refer & Earn
Enquire Now
My Abhipedia Earning
Kindly Login to view your earning
Support
Context: 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 cloud facility aims to enhance privacy, scalability, and business continuity.
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 Reserve Bank of India (RBI) is set to enter the domain of cloud services, positioning itself in direct competition with global giants like Amazon, Google, and Microsoft.
This ambitious move aims to leverage the growing volume of data held by banks and financial entities.
Cloud services refer to the delivery of computing resources, such as storage, processing power, and applications, over the internet. Users can access and utilize these servicesremotely, eliminating the need for physical infrastructure and on-site management.
The RBI's initiative aligns with the government's strategy of establishing 'digital public infrastructure' (DPI).
Following this approach, the central bank subsidiary will develop the underlying technology, subsequently outsourcing its application development to the private sector.
This mirrors successful implementations like Aadhaar and United Payments Interface (UPI).
The proposed cloud facility for the financial sector seeks to address the escalating volume of data maintained by banks.
The RBI emphasizes that this initiative will not only enhance data security but also uphold integrity and privacy standards crucial for the financial sector.
Cloud services find extensive applicability in the finance sector due to several advantages:
Cost Efficiency: Cloud services allow financial institutions to avoid heavy upfront investments in IT infrastructure, reducing capital expenses. They can scale resources up or down based on demand, optimizing costs.
Flexibility and Scalability: Financial organizations often experience fluctuating workloads. Cloud services provide the flexibility to scale resources dynamically, ensuring optimal performance during peak times and efficiency during lulls.
Data Security: Reputable cloud service providers implement robust security measures, often surpassing what individual firms can achieve. This enhances data protection, crucial for sensitive financial information.
Collaboration and Remote Access: Cloud services facilitate seamless collaboration among teams, enabling remote work capabilities. This is especially important in the financial sector, where accessibility and collaboration are paramount.
Innovation and Time-to-Market: Cloud services offer tools and platforms for innovation, allowing financial institutions to quickly deploy new services, products, and applications, reducing time-to-market.
Disaster Recovery and Business Continuity: Cloud providers typically have redundant data centers and robust disaster recovery mechanisms. This ensures that financial organizations can recover data swiftly and maintain operations even in the face of unexpected events.
Regulatory Compliance: Many cloud service providers adhere to stringent security and compliance standards. Leveraging such services can assist financial institutions in meeting regulatory requirements effectively.
Analytics and Big Data: Cloud services provide powerful analytics tools and storage capabilities, enabling financial organizations to process and analyze large volumes of data efficiently. This is crucial for deriving valuable insights from financial data.
Customer Experience: Cloud-based applications contribute to a smoother customer experience by ensuring accessibility and responsiveness, enhancing customer satisfaction in the digital era.
By: Shubham Tiwari ProfileResourcesReport error
Access to prime resources
New Courses