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RBI Tackles Quantum Threat to Finance
25 May
Summary
- RBI forms an 8-member expert panel on quantum tech.
- Panel to assess quantum risks to financial cryptography.
- An IIT Madras professor will lead the Q-SAFE initiative.
The Reserve Bank of India (RBI) has launched an eight-member expert committee to investigate the potential benefits, risks, and challenges of quantum technology within the financial sector. This initiative, named Q-SAFE (Quantum Secure and Adaptive Financial Ecosystem), aims to address the paradigm shift quantum mechanics offers for complex financial modeling.
The committee's primary focus will be evaluating the financial sector's cryptographic inventory and identifying systems vulnerable to quantum threats. It will also assess industry readiness for quantum-safe cryptography adoption.
Led by Professor Anil Prabhakar from IIT Madras, the committee includes representatives from government departments, State Bank of India, NPCI, MeitY, and DSCI. The panel is tasked with recommending a framework to quantum-secure the Indian financial system and is expected to submit its report within six months.
