PSB Alliance Private Limited (PSBA) elects Amazon Web Services India to provide cloud computing services for the country’s public sector banks.

PSBA chose AWS to enable the ease of cloud adoption among its member institutions.

There are 12 public sector banks housed under the PSBA and most notable among them are SBI, PNB, and Bank of Baroda.

PSBA serves as an umbrella organization and a nodal body that caters end-to-end technology-enabled banking services to its member institutions.

It stands to promote innovation in the financial ecosystem and supports the Government of India's financial reforms and Enhanced Access and Service Excellence (EASE) agenda.

Through the latest partnership, member institutions under the PSBA can benefit from AWS's Community Cloud Services without having to go through separate procurement procedures.

There will be two managed service providers (MSPs) namely, Orient Technologies and Hitachi Systems, which will supply AWS services to aid thesebanks in integrating and overseeing their cloud operations.

At the same time, banks can create a scalable, secure IT infrastructure using AWS that fosters innovation and improves service delivery.

On the other hand, public sector banks can use cutting-edge technologies like artificial intelligence (AI) and machine learning (ML) thanks to the cloud migration, which will accelerate service delivery and enhance tailored customer experiences.

Additionally, PSBA member banks could access cutting-edge Software-as-a-Service (SaaS) solutions, including online marketplaces and platforms for financial services like eBKray, which makes managing non-performing assets (NPAs) easier.

Apart from the latest collaboration with PSBA, AWS has been actively backing several government endeavors. AWS is used by the Government e-Marketplace (GeM) and the National Health Authority (NHA) to grow their digital operations, improving healthcare services and expediting government procurement procedures.

The MSPs will assist each of the public sector banks in creating a migration roadmap by conducting readiness studies and assessments of cloud migration.

Cloud services will initially be used by the banks for non-core banking applications, including contact center systems, supply chain finance, customer relationship management, development and user acceptance test environments, data lakes and analytics, microfinance credit management, loan origination, loan management, cash management, WhatsApp banking, and IVR systems.