The Reserve Bank has initiated a project to construct a new state-of-the-art greenfield next-generation data center to address capacity expansion constraints, meet the increasing IT landscape needs, and avoid region-specific risks The data centre, envisaged to cater to the internal needs of RBI and its subsidiaries, will commence operations in FY25, the central bank said in its annual report for FY25.
RBI also said it is working on upgrading the Indian Financial Network (INFINET 3.0) with better technology, bandwidth and overall services. The platform is a closed user group (CUG) network for exclusive use of member banks and financial institutions and runs the critical payment system applications such as RTGS, NEFT and e-Kuber. “It is proposed to be built with the latest software-defined wide area network (SD-WAN) technology. The features proposed under SDWAN include effective load balancing of the links, voice and video traffic optimization and application aware routing. SD-WAN also provides for centralized management of the network and zero touch provisioning,” it said.
In a bid to take the Indian Rupee to global platforms at greater pace, RBI has conceptualized a solution wherein India’s domestic messaging system SFMS would be extended through a Global SFMS Hub to other countries. Interested countries can connect their local messaging system to Global SFMS Hub for cross-border payment messaging in their local currencies.
This may help India in reducing dependence on other major trading currencies and may help in foreign exchange management, RBI said.
