NEWS
RBI to set up fintech repository by April 2024
RBI is also working on establishment of a cloud facility for the financial sector to enhance data security, integrity and privacy.
RBI is also working on establishment of a cloud facility for the financial sector to enhance data security, integrity and privacy.
The Reserve Bank of India (RBI) has proposed to set up a fintech repository by April 2024.
Fintechs would be encouraged to provide relevant information voluntarily to this repository, RBI Governor Shaktikanta Das said.
The fintech repository will be operationalised by the Reserve Bank Innovation Hub in April 2024 or earlier, he added.
Banks and non-banking financial companies (NBFCs) are increasingly partnering with fintechs.
The RBI is also working on the establishment of a cloud facility for the financial sector in India.
Banks and financial entities are maintaining an ever-increasing volume of data. Many of them are utilising cloud facilities for this purpose.
"The Reserve Bank is working on establishing a cloud facility for the financial sector in India for this purpose," Das said, adding such a facility would enhance data security, integrity and privacy.
It will also facilitate better scalability and business continuity.
Das said the cloud facility is intended to be rolled out in a calibrated fashion over the medium term.
