The high-street banks have proposed the Reserve Bank of India to lay down the rules that allow them to store and analyze data on Cloud. The banks have made this proposal as they strongly believe that Cloud is an important element of digital transformation.
The report submitted to RBI states, “Traditional banks have been grappling with low margins, declining efficiency ratios, a low-interest-rate environment, flattened revenue growth, and growing nonperforming loans. During the current pandemic, these have become even more acute. With the advent of the digital economy, the banking business is undergoing a constant transformation. It has become imperative for banks to undertake a digital transformation, adopt data as the currency for growth, and reimagine their operating mode. Technology has proven to be the most important enabler and it is powering significant banking industry transformation and the cloud is its centre.”
Considering the sensitivity about customer data, the banks have asked the RBI to make rules and regulations.
