RBI likely to introduce a comprehensive IT outsourcing framework

Move could be in sync with new privacy Bill

A comprehensive information technology (IT) outsourcing framework for all Reserve Bank of India (RBI)-regulated entities may be on the cards and aligned with the new privacy Bill.

In a related move, the first baby steps are also said to be underway to set up community Cloud architecture — Indian Banking Community Cloud (IBCC) — for state-run banks. This could either be through an alliance of state-run banks or under the aegis of the National Payments Corporation of India or the Institute for Development and Research in Banking Technology. The possibility of a new umbrella entity with state-run banks as equity holders