The Reserve Bank of India (RBI) as a Central Bank manages the financial fabric & monetary policies for one of the largest G20 countries, India and is one of the most complex central banks in the world. with a balance sheet size of USD 0.92 Trillion. RBI has been transformed from 4 large mainframe systems running multiple applications into Intellect Quantum (eKuber 1.0) deployed in HP Superdome in 2011. Further, this has been upgraded into modern eMACH.ai Quantum (eKuber 2.0) in 2023 with 7 MVPs released into production over 21 months using a co-existence model.
In addition to executing monetary policy, the RBI is a key player in the financial services ecosystem, wherein it maintains foreign exchange reserves, facilitates public debt (Bonds/Bills) floatation/servicing and provides a wide range of services including payments/receipts for 51 govt. entities, manages the currency life-cycle and regulates the Indian banking industry to ensure financial stability.
RBI was among the first central banks to adopt the digital transformation journey to build a robust banking system. With the increased macroeconomic volatility, central banks like RBI have an acute need for real–time visibility of the financial system’s health with better controls. They need to future-proof the central banking infrastructure to deal with the evolving complexities and increasing volume of transactions within the nation’s financial system. RBI further strengthened the nation’s financial system backbone by implementing the upgraded version of the Intellect Quantum to cater to the evolving requirements.
