RBI Establishes Committee to Explore Quantum Technology in Finance

The Reserve Bank of India has formed an eight-member committee to assess quantum technology's implications for the financial sector. Led by Anil Prabhakar from IIT Madras, the committee will evaluate potential benefits, risks, and operational challenges associated with quantum technology. It will also review the financial sector's cryptographic inventory through a Cryptography Bill of Materials (CBOM) and assess industry readiness for quantum-safe cryptography. The committee's mandate includes comparing international regulatory frameworks and proposing a roadmap to secure India's financial system against quantum threats. The panel is expected to submit its report within six months of its first meeting. Other members include representatives from various governmental and financial institutions.

Key Points: • RBI has set up a committee to explore quantum technology in finance. • The committee will assess risks and benefits, focusing on cryptographic security. • A roadmap for quantum security in the financial sector is expected within six months.