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‘Can bank data be stored in the cloud or not?’ Suggestions from development bankers to clarify monetary policy

'Can bank data be stored in the cloud or not' Suggestions from development bankers to clarify monetary policy
'Can bank data be stored in the cloud or not' Suggestions from development bankers to clarify monetary policy

The Development Bankers Association has urged the Nepal Rastra Bank (NRB) to formulate a clear policy on whether the banks of Nepal can also use the cloud while the practice of keeping data in the cloud is increasing.

Banks have been asked to formulate a clear policy on the use of cloud, offering various suggestions to be included in the forthcoming monetary policy.

The association has suggested to the Nation Bank that it would be appropriate for the bank to issue clear guidelines on ‘what data can be kept in the cloud if it can be kept or what data cannot be kept in the cloud if it cannot be kept’.

The association has also asked for clarification on the conditions under which cloud services can be availed. He also suggested that it would be appropriate to issue guidelines on whether or not to avail services with foreign cloud service providers.

He said that if the directives are given in this way, it will be easier for the banks and financial institutions to provide services following the instructions and remove the dilemmas in this regard.

Similarly, the association has suggested to take a clear policy regarding digital currency as various countries of the world are issuing their own digital currency while its trade is banned in Nepal. Such digital currencies are also listed on international stock markets.

However, in view of the fact that some countries have tightened their control, it would be appropriate to form a study committee with the involvement of experts and prepare a report on whether it would be appropriate to use digital currency in Nepal, according to the association.

The association suggests that additional policy arrangements be made to encourage e-commerce. Doing so would encourage cashless transactions, help prevent money laundering, and help control epidemics by reducing bank visits in the event of an epidemic, the association said.

The association also suggested that policy measures be taken to reduce e-commerce to encourage electronic transactions such as QR, Interbank Transfer, Connet IPS and RTGS. He is of the view that this will encourage electronic and cashless transactions.

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