Prime Minister Narendra Modi on Sunday inaugurated the Reserve Bank of India’s (RBI) newly established data centre and cybersecurity training institute in Bhubaneswar, Odisha, marking a significant step towards strengthening the technological infrastructure underpinning India’s financial system.
The facilities are aimed at enhancing the resilience of the country’s digital financial infrastructure, strengthening cybersecurity capabilities and developing indigenous technological expertise as India advances towards its goal of becoming a developed nation by 2047.
The inauguration was attended by Union Finance and Corporate Affairs Minister Nirmala Sitharaman, Odisha Governor Brajmohan Ram, Chief Minister Mohan Charan Majhi, Union Tribal Affairs Minister Jual Oram and Deputy Chief Ministers Kanak Vardhan Singh Deo and Pravati Parida, among other dignitaries.
RTGS and NEFT among critical systems
Addressing the gathering, Modi highlighted the strategic importance of the two institutions in strengthening India’s digital financial infrastructure and advancing technological self-reliance.
He said the facilities reflected a changing approach to governance, focused on extending the benefits of economic development to every region and citizen.
Emphasising the importance of secure digital infrastructure for the banking system, the Prime Minister said robust data centres and powerful computing systems were essential to ensuring financial security. The RBI’s new data centre represents an important step in building this technological foundation.
Union Finance Minister Nirmala Sitharaman underscored the importance of resilient infrastructure in safeguarding financial stability and supporting sustained economic growth.
She said the new data centre would house the RBI’s mission-critical systems, including the Real Time Gross Settlement (RTGS) and National Electronic Funds Transfer (NEFT) platforms.
These systems are central to India’s payments infrastructure, facilitating the transfer of funds between banks and financial institutions. Their reliable operation is essential to maintaining confidence in the country’s banking and payments ecosystem.
Cybersecurity and AI expertise
The cybersecurity training institute is expected to strengthen the capabilities of professionals in cybersecurity, artificial intelligence (AI) and other emerging technologies.
The initiative comes amid the increasing digitisation of financial services and the growing importance of protecting banking systems, payment networks and sensitive financial information against cyber threats.
Developing specialised expertise in these areas will be important for strengthening the resilience of financial institutions and responding to evolving technological risks.
The two facilities together are intended to support the RBI’s efforts to modernise its technology infrastructure while building the capabilities needed to secure India’s expanding digital financial ecosystem.
RBI highlights technological self-reliance
In his welcome address, RBI Governor Sanjay Malhotra thanked the Prime Minister for inaugurating the facilities and reiterated the central bank’s commitment to leveraging emerging technologies.
He highlighted the RBI’s focus on strengthening digital infrastructure, enhancing cybersecurity, developing indigenous technological capabilities and supporting India’s ambition to become a developed economy by 2047.
The event brought together representatives from the Central and Odisha governments, industry, academia and technology providers, alongside directors of the RBI’s Central Board, heads of banks and senior central bank officials.
The inauguration underscores the growing importance of digital infrastructure, cybersecurity and advanced computing capabilities in maintaining the stability and resilience of India’s financial system.