Murmu urges quantum readiness and algorithmic accountability
Reserve Bank of India Deputy Governor Shirish Chandra Murmu urged financial technology firms to prioritize operational resilience, algorithmic accountability and quantum readiness at the Global Fintech Fest in Mumbai on September 11, 2026.
The burden of population scale
India's financial technology ecosystem includes over 14,000 entities with cumulative investment exceeding $40 billion over the past decade.
In fiscal year 2025–26, the Unified Payments Interface processed approximately 24,162 crore transactions valued at ₹314 lakh crore, accounting for roughly 85 percent of domestic digital transaction volumes.
The Reserve Bank of India's Digital Payments Index reached 516.76 in September 2025, while the Financial Inclusion Index rose to 70.0 in March 2026.
Murmu emphasized that critical payment infrastructure now processes half of global real-time payments, shifting regulatory focus toward operational redundancy, cyber resilience and fraud prevention.
Accountability cannot be automated
The central bank is deploying targeted frameworks to manage technological transformation.
Under the Digital Lending Directions, regulated lenders retain full accountability regardless of automated partnership channels.
Through the FREE-AI Committee, the RBI is establishing governance standards for algorithmic decision-making and agentic AI systems.
Additionally, a dedicated expert committee is preparing payment networks for post-quantum cryptographic standards.
Scale exposes structural vulnerabilities
The address delivers a sharp warning to fintech firms seeking speed over structural safeguards.
Mandating institutional liability for algorithms and post-quantum defenses proves that volume cannot substitute for governance.
Growth without rigorous compliance is no longer a viable strategy in Indian finance.