......While there’s excitement over the benefits of the cloud, Mahajan cautioned that the industry needs to address the issue of data sovereignty. “RBI (Reserve Bank of India) mandates all the banks and their branches to keep data within geographic boundaries. Hence, there is a gap for pure public solutions,” he said. Garkel of Deloitte agreed that the main concern today was from a regulatory perspective as it (the cloud) had not come under the purview of RBI. For example, regulatory perspectives regarding audits are yet to be introduced in the area of cloud computing. Currently only non-core activities are in the cloud. “There has to be more clarity on how the regulatory landscape evolves,” said Garkel........
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