1 hr ago
RBI Deputy Governor Urges Quantum-Proofing India’s Payment Systems
Shirish Chandra Murmu said payment systems need protection against future quantum-computing risks.
Quantum computers could create new challenges for digital security.
He said banks, fintech companies and technology providers must work together.
The RBI has formed an expert committee to prepare the financial system.
Quantum readiness should be part of normal cybersecurity planning.
Murmu also said people in charge of financial companies must understand the automated systems they use.
He described India’s fintech sector as large and rapidly growing.
Digital lending can help more people access small loans.
He also said financial companies must cooperate more closely to fight fraud.
RBI Deputy Governor Shirish Chandra Murmu urged Indian payment providers and network operators to begin quantum-proofing their systems.
He said banks, fintechs, payment operators, technology providers and standard-setters must collaborate because quantum resilience is an ecosystem capability.
The RBI has created an expert committee on a Quantum Secure and Adaptive Financial Ecosystem.
Murmu said quantum readiness should be integrated into broader cyber-resilience strategies, while boards and senior managers retain accountability for automated systems.
He described fraud as an ecosystem-wide problem and said the central bank is developing a Digital Payments Intelligence Platform through the Reserve Bank Innovation Hub.
- Who
- RBI Deputy Governor Shirish Chandra Murmu, along with banks, payment operators, fintechs, technology providers and standard-setters.
- What
- A call for India’s payment ecosystem to begin quantum-proofing and strengthen cyber resilience.
- Where
- At the Global Fintech Fest in India.
- When
- Friday, during Murmu’s address at the Global Fintech Fest.
- Why
- To prepare for risks associated with quantum technology, manage expanding digital-finance risks and improve cooperation against fraud.
Key facts
- Speaker
- RBI Deputy Governor Shirish Chandra Murmu
- Recommended action
- Payment system providers and network operators should begin moving toward quantum-proofing.
- RBI initiative
- An expert committee on a Quantum Secure and Adaptive Financial Ecosystem has been constituted.
- India’s fintech sector
- More than 14,000 entities, expanding at an annualised rate of around 14%.
- Cumulative investment
- Over $40 billion in India’s fintech sector during the past decade, according to the IMF.
- Digital payments project
- The Digital Payments Intelligence Platform is being developed through the Reserve Bank Innovation Hub.
- Digital lending opportunity
- It can reduce the cost of originating, assessing and servicing small loans.
Quotes
Shirish Chandra Murmu
Deputy Governor of the Reserve Bank of India
“Banks, payment operators, fintechs, technology providers and standard-setters will need to move together, because quantum resilience is an ecosystem capability, not an institutional one. We must innovate not only for the future, but for the risks the future creates.”
financialexpress.com
“Responsibility rests with the regulated institution, and boards and senior management must understand the models they deploy, their limitations and the consequences of their use.”
financialexpress.com
Sources
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