Secure Today, Quantum-Ready Tomorrow: RBI Deputy Governor Shirish Chandra Murmu’s Call for India’s Payment Systems

Speaking at the Global Fintech Fest 2026 in Mumbai on Friday, September 11, 2026, Reserve Bank of India (RBI) Deputy Governor Shirish Chandra Murmu urged Indian payment system providers and network operators to initiate the transition toward quantum-proofing the nation's financial architecture. While noting that existing digital transaction frameworks remain secure today, the central bank official cautioned that rapid advancements in quantum computing will eventually undermine conventional cryptographic standards. The directive arrives as India's digital economy handles unprecedented transaction volumes, with UPI alone processing nearly 24,162 crore transactions valued at approximately Rs 314 lakh crore during fiscal 2025–26.

Collaborative Ecosystem and Long-Term Preparation

Addressing the multi-stakeholder gathering, Murmu emphasized that achieving quantum resilience requires deep, synchronized coordination across the entire financial grid rather than isolated institutional efforts. Because payment infrastructure relies on extended technology upgrade cycles, transitioning to post-quantum cryptography demands years of proactive planning to counter potential "harvest now, decrypt later" security threats.

To steer this transition, the central bank has established a dedicated expert committee focused on building a "Quantum Secure and Adaptive Financial Ecosystem". This initiative aligns with global experiments like Project Leap—an international initiative by the Bank for International Settlements (BIS) Innovation Hub and partner central banks testing post-quantum cryptography for secure cross-border liquidity transfers.

Managing Ecosystem Fraud and Fintech Governance

Beyond long-term cryptographic risks, Murmu addressed immediate challenges facing India's fintech sector, which now comprises over 14,000 entities growing at an annualized rate of 14% and securing more than $40 billion in cumulative investments. Highlighting that digital fraud must be tackled collectively rather than individually, he noted that the RBI is developing a centralized Digital Payments Intelligence Platform via the Reserve Bank Innovation Hub.

The Deputy Governor also reminded financial institutions that boards and senior management retain ultimate responsibility for automated models and algorithmic decisions deployed across consumer credit and lending platforms.

Official Sources Section

Policy frameworks, technical assessments, and regulatory warnings are documented according to official addresses and statements from the Reserve Bank of India (RBI) delivered during the Global Fintech Fest 2026 proceedings in Mumbai.

Quote Section

"According to officials, the time has therefore come for Indian payment system providers and network operators to begin moving towards quantum-proofing our payment systems, as quantum resilience is an ecosystem capability rather than an institutional one."

Why It Matters

The central bank's proactive stance on quantum security carries significant implications for commercial banks, technology vendors, and digital payment gateways. By calling for early cryptographic upgrades, the regulatory framework ensures that India's massive digital payment infrastructure remains immune to next-generation computational threats, safeguarding consumer assets and preserving long-term investor confidence.

Key Facts at a Glance

• Strategic Directive: RBI Deputy Governor Shirish Chandra Murmu called for immediate quantum-proofing of India's payment networks.

• Expert Panel: The RBI has constituted a specialized expert committee to design a Quantum Secure and Adaptive Financial Ecosystem.

• Transaction Scale: UPI processed nearly 24,162 crore transactions worth Rs 314 lakh crore in fiscal 2025–26.

• Global Collaboration: The framework incorporates insights from international pilots like Project Leap involving the BIS Innovation Hub.

FAQ Section

Why do India's payment systems need quantum-proofing?

While current encryption safeguards digital transactions effectively, emerging quantum computers threaten to break legacy cryptographic algorithms, making long-term preparation essential.

What is the role of the RBI's new expert committee?

The expert committee is tasked with evaluating quantum threats and designing a Quantum Secure and Adaptive Financial Ecosystem to protect India's financial infrastructure.

Who is responsible for implementing quantum resilience measures?

Quantum resilience requires a synchronized, ecosystem-wide effort involving commercial banks, payment operators, fintech firms, technology vendors, and regulatory bodies.

Source: Reserve Bank of India (RBI), Global Fintech Fest 2026 Proceedings.