New Delhi: Currently cloud storage services across the globe are being provided by tech giants like Amazon Web Services Microsoft Azure and Google Cloud. Amidst this the Reserve Bank of India (RBI) has said that it will initiate a pilot program in 2025 with an aim to provide cloud storage services to financial institutions challenging the dominance of global tech giants in the countrys rapidly growing cloud market says a report by news agency Reuters. This initiative taken by the RBI aims to offer affordable cloud solutions primarily targeting smaller banking and financial services firms. This also marks the first such venture by a major central bank globally. The initiative aligns with the RBIs broader strategy of localising payments and financial data storage. The project will be initially funded through the RBIs asset development fund of 229.74 billion rupees ($2.72 billion). India’s central bank plans to eventually invite financial firms to take equity stakes in the venture say Reuters reports quoting two sources familiar with the matter. The move positions the RBI in direct competition with established players like Amazon Web Services Microsoft Azure and Google Cloud in Indias cloud services market. According to International Data Corporation Indias cloud services market is projected to grow from $8.3 billion in 2023 to $24.2 billion by 2028. The project announced by RBI Governor Shaktikanta Das in December 2023 will be developed in partnership with private sector technology firms. Ernst & Young Global Limited (EY) has been appointed as an advisor and the RBI has specifically invited India-incorporated companies with cloud solution experience to bid for the project. Participating companies must establish data centres in Mumbai and Hyderabad either independently or as part of consortiums. RBI’s research wing Indian Financial Technology and Allied Services is currently spearheading the projects initial development phase with plans for gradual expansion over the coming years. The service will be functional from early 2025 say the sources.