India's central bank will launch a pilot programme in 2025 offering local cloud data storage to financial firms at affordable prices, according to two sources aware of the matter, who declined to be identified as conversations are confidential.

The Reserve Bank of India is launching a pilot program in 2025 to offer affordable data storage to financial institutions. This cloud platform, utilizing local IT firms, aims to provide a cost-effective alternative to foreign-dominated services and will be expanded in phases,

The Reserve Bank of India’s planned cloud platform will use local IT firms, pitting it against the likes of Amazon Web Services, Microsoft Azure, Google Cloud and IBM Cloud, in a first-of-its-kind initiative from a major global central bank.