Global firms are expanding in India by setting up local data centres as banks, among their largest customers, are insisting that data on the cloud of their customers and their financial transactions be located within the country. While there is no regulation that mandates such data be on cloud centres locally, banks maintain it is needed for data security. They are also of the view that it is better to be prepared for any changes in the law.
“Bankers want to remain on the safer side in the foreseeable future… and keep the data inside the country and eventually, if the regulator changes its mind, they will be in a safer position rather than on the wrong side of regulation,” said Shiv Kumar Bhasin, chief technology officer at State Bank of India, India’s largest bank. (Source)
