The Reserve Bank of India has established an eight-member Expert Committee for a 'Quantum Secure and Adaptive Financial Ecosystem (Q-SAFE)' to explore and evaluate the potential benefits, risks and challenges of quantum technology in the financial sector. According to the latest RBI statement, Dr. Anil Prabhakar, Professor, Department of Electrical Engineering, IIT Madras, will serve as the convenor of the committee, with the FinTech Department of the RBI providing secretarial support. The committee includes Shri Sunil Kumar, Additional Secretary, Department of Science & Technology (DST), Government of India as a member, along with Shri Satish Rao Nagesh, Deputy Managing Director, State Bank of India (SBI) and Shri Dilip Asbe, MD and CEO, National Payments Corporation of India (NPCI). The committee may also invite domain experts, industry representatives, RBI departments and other stakeholders for consultation and participation in its deliberations. As per the RBI statement, the committee has been mandated to submit its report within six months from the date of its first meeting and will recommend a roadmap and framework to quantum-secure the Indian financial system.
The committee's primary mandate involves assessing how quantum technology can solve complex financial problems while simultaneously threatening existing cryptographic standards. As reported by The Times of India, quantum technologies can introduce significant risks, particularly the potential to undermine certain existing cryptographic standards. The committee will evaluate the financial sector's cryptographic inventory through a Cryptography Bill of Materials (CBOM), assess crypto agility and identify the critical systems and processes most vulnerable to such threats. According to the RBI statement, quantum systems leverage principles of quantum mechanics such as superposition and entanglement to address complex financial problems including portfolio optimisation, risk assessment, and macroeconomic modelling. The committee is mandated to submit its report within six months of its first meeting and will recommend a roadmap and framework to quantum-secure the Indian financial system.
The establishment of this expert committee reflects the RBI's strategic focus on building quantum-resilient financial infrastructure that can withstand the evolving technological landscape. The committee's terms of reference include undertaking a cross-country analysis and assessing the adequacy of existing regulatory frameworks for the safe deployment of quantum applications. As per the RBI statement, the panel will evaluate industry preparedness for the adoption of quantum-safe cryptography, including the availability, scalability, and maturity of vendor tools and solutions. The committee is also mandated to explore and evaluate the potential benefits, risks and challenges in the financial sector, and will recommend a roadmap and framework to quantum-secure the Indian financial system. The committee will also review industry preparedness for adopting quantum-safe cryptography, including the availability, scalability and maturity of vendor tools and solutions, based on which it will recommend a roadmap and framework aimed at strengthening the resilience and security of India's financial infrastructure against future quantum computing threats.
The committee's expanded membership now includes Suvendu Pati, CGM, FinTech Department, RBI and Vinayak Godse, CEO, Data Security Council of India as additional members. Notably, L Venkata Subramaniam, Quantum India Servant Leader and former IBM Quantum India Head, has been included to bring international expertise and practical implementation insights. According to The Economic Times, the committee will review the financial sector's preparedness for quantum-related risks, identify systems most vulnerable to cyber threats, study global regulatory practices and assess and recommend a roadmap and framework for the safe adoption of quantum applications in finance. This enhanced expertise will enable the committee to provide comprehensive recommendations for India's quantum-safe financial infrastructure development.
