The Institute for Development and Research in Banking Technology (IDRBT), an arm of the Reserve Bank of India (RBI), is building a next-generation Digital Financial Infrastructure named National Digital Financial Infrastructure (NADI).
- The NADI will be owned by the Government of India, with NADI’s high-speed network, the government could monitor and control all financial activity, and it will also make security easier.
Features of NADI:
i.Its modern network infrastructure includes 5G/Edge Cloud with SDNs (software-defined networking) for connecting to the critical data centre infrastructure at the back-end.
ii.It could protect the network from outside elements and quickly isolate the network in the event of counter-attacks by separating financial network traffic from other traffic with clear entry points.
iii.It will have the middleware infrastructure for supporting digital identity verification, digital identity assessment, and digital asset management with the support of efficient digital ledger technologies and AI/ML (Artificial intelligence and Machine learning) technologies.
iv.It would provide a roadmap and framework for future digital financial services growth in the country.
Recent Related News:
On February 23, 2021, Minister of State (MoS) Hardeep Singh Puri, Ministry of Housing and Urban Affairs (MoHUA) and Union Minister Ravi Shankar Prasad, Ministry of Electronics and Information Technology (MeitY) virtually launched a “National Urban Digital Mission (NUDM)” to create a digital infrastructure for Indian cities.
About Institute for Development and Research in Banking Technology(IDRBT):
Establishment – It was established by the RBI in March 1996
Headquarters – Hyderabad, Telangana
Director – D. Janakiram