RBI Forms Q-SAFE Committee to Shield Financial Systems Against Quantum Computing Risks
The Reserve Bank of India has established the ‘Quantum Secure and Adaptive Financial Ecosystem’ (Q-SAFE) committee to mitigate emerging threats from quantum technology. Chaired by Dr. Anil Prabhakar of IIT Madras, the eight-member panel will map cryptographic vulnerabilities across the banking sector and propose a transition framework within six months.
The Reserve Bank of India’s move to constitute the Q-SAFE committee signals a proactive shift toward securing national digital infrastructure against the potential disruption of quantum mechanics. While principles like superposition and entanglement offer advances in risk assessment and portfolio modeling, they pose a credible threat to the cryptographic standards currently protecting the global financial system. To address this, the committee is tasked with developing a Cryptography Bill of Materials (CBOM) to identify specific systems most vulnerable to future quantum decryption.
The panel’s composition bridges academia, government, and the payment industry, including representatives from the NPCI, SBI, and MeitY. Beyond domestic mapping, the group will conduct a cross-country analysis of regulatory frameworks to ensure India’s adoption of quantum-safe cryptography aligns with global standards. A key deliverable is a roadmap for 'crypto-agility'—the ability to pivot to new algorithms without forcing a complete overhaul of underlying financial technology.
| Member/Body | Designation/Role |
|---|---|
| Dr. Anil Prabhakar (IIT Madras) | Convener |
| Shri Dilip Asbe (NPCI) | Member |
| Shri Satish Rao Nagesh (SBI) | Member |
| Shri Suvendu Pati (RBI) | Member-Secretary |
Glossary
Cryptography Bill of Materials (CBOM): A structured inventory detailing all cryptographic assets, keys, and dependencies used within a system's software architecture.
Quantum Agility: The capacity of a system to switch cryptographic algorithms quickly and efficiently as legacy standards become compromised.
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