RBI Urges 'Quantum-Proof' Transformation in Indian Payment Systems

The Reserve Bank of India's Deputy Governor, Shirish Chandra Murmu, emphasized the urgent need for quantum-proofing Indian payment systems, warning of potential future cryptographic vulnerabilities as a result of quantum computing advances. He urged collaborative efforts across the financial ecosystem to safeguard digital transactions as part of India's broader cyber-resilience framework.

The Reserve Bank of India (RBI) is advocating for the payment industry to future-proof systems against the impending challenges of quantum computing, according to Deputy Governor Shirish Chandra Murmu. Speaking at the Global FinTech Fest 2026 in Mumbai, Murmu stressed the importance of proactive action in safeguarding current payment infrastructures.

Murmu highlighted the necessity of a collaborative approach, stating that banks, fintech firms, and technology providers must unite to address quantum-related risks, which exceed the capabilities of individual institutions. He underscored quantum resilience as an ecosystem-wide capability essential for effective risk management.

Despite the immediacy of the threat being low, Murmu pointed out the concern of 'harvest now, decrypt later' scenarios, urging entities to integrate quantum preparedness within broader cyber-resilience strategies. An expert committee on quantum secure financial systems has been formed by the RBI to evaluate potential threats and implement safeguards, ensuring the stability of India's digital payment domain.