The Reserve Bank of India (RBI) has constituted an Expert Committee for a Quantum Secure and Adaptive Financial Ecosystem (Q-SAFE) as the central bank begins evaluating the long-term implications of quantum computing on India’s financial infrastructure, cybersecurity frameworks and digital resilience.
The move comes amid growing global concern over the potential impact of quantum technologies on existing cryptographic systems used across banking networks, payment infrastructure and digital financial ecosystems.
In a statement, the RBI said quantum technology represents a “paradigm shift” compared with traditional computing systems because it leverages principles of quantum mechanics such as superposition and entanglement. The technology is expected to significantly enhance computing capabilities in areas including portfolio optimisation, risk assessment and macroeconomic modelling.
At the same time, the RBI noted that quantum technologies could also introduce risks, particularly the possibility of weakening certain existing cryptographic standards that currently secure digital financial systems.
Committee Composition Reflects Multi-Agency Approach
The committee will be convened by Dr. Anil Prabhakar, Professor in the Department of Electrical Engineering at IIT Madras.
Other members include Shri Sunil Kumar, Additional Secretary at the Department of Science & Technology (DST); Shri Satish Rao Nagesh, Deputy Managing Director at State Bank of India (SBI); Shri Dilip Asbe, Managing Director and CEO of the National Payments Corporation of India (NPCI); Shri Manoj Kumar Jain, Scientist-G and Group Coordinator at the Ministry of Electronics and Information Technology (MeitY); Shri Vinayak Godse, CEO of the Data Security Council of India (DSCI); and Dr. L Venkata Subramaniam, Quantum India Servant Leader and former IBM Quantum India Head.
Shri Suvendu Pati, Chief General Manager in RBI’s FinTech Department, will serve as Member-Secretary.
The RBI said the FinTech Department will provide secretarial support to the committee, which may also consult industry representatives, domain experts and other stakeholders during its deliberations.
Focus on Quantum-Safe Cryptography
Among the committee’s key responsibilities will be the assessment of the financial sector’s cryptographic inventory through a Cryptography Bill of Materials (CBOM), evaluation of crypto agility and identification of systems most vulnerable to quantum-related threats.
The committee has also been tasked with examining the adequacy of existing regulatory frameworks, evaluating industry preparedness for adopting quantum-safe cryptography and recommending a roadmap for securing India’s financial system against future quantum-related risks.
Industry experts say the RBI’s move reflects increasing recognition among regulators globally that cybersecurity risks linked to quantum computing could eventually extend beyond conventional technology concerns into broader financial-stability considerations.
Modern banking systems rely heavily on encryption protocols that protect payment systems, customer data, digital authentication and interbank communications. Quantum computing, once commercially scalable, could potentially compromise certain cryptographic methods currently considered secure under classical computing standards.
While experts note that large-scale quantum threats remain several years away, migration towards post-quantum cryptographic systems is expected to require long transition cycles due to the complexity of banking infrastructure and interconnected digital ecosystems.
India’s Expanding Digital Financial Infrastructure
The development also comes as India’s financial ecosystem becomes increasingly digitised through UPI-led payments growth, API-based banking systems, cloud adoption and large-scale digital onboarding frameworks.
As financial institutions expand their digital operations, regulators globally are placing greater emphasis on operational resilience, cyber preparedness and long-term infrastructure security.
The RBI committee will additionally undertake cross-country analysis to study global regulatory approaches and assess the maturity and scalability of vendor solutions related to quantum-safe security adoption.
Analysts say the initiative indicates that Indian regulators are beginning to evaluate quantum preparedness not only as a technology issue, but also as a strategic infrastructure and governance challenge.
The committee is expected to submit its report within six months from the date of its first meeting.
