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Informist, Friday, Sept. 11, 2026

 

--RBI Murmu: Quantum computing can change important aspects of finance 
--CONTEXT: RBI Deputy Governor speaking at Global Fintech Fest

--RBI Murmu: Cyber security is system-wide risk 

--RBI Murmu: Fincl stability, accountability non-negotiable with innovation 
--RBI Murmu: Innovation, regulation not adversaries 
--RBI Murmu: Trust is bedrock of finance 

--RBI Murmu: Urge fintechs to treat fincl inclusion as a design requirement 

MUMBAI – The Reserve Bank of India is assessing responses to its discussion paper on revolving credit, Deputy Governor Shirish Chandra Murmu said on Friday. The RBI is also going through feedback on papers on curbing digital payment frauds, Murmu said. 

 

In its August policy, the RBI issued draft directions for credit facilities of non-banking financial companies, under which it proposed that NBFCs be allowed to offer only term loans and not revolving credit products. However, it added that these restrictions would not apply to non-banking financial companies authorised by the central bank to issue credit cards. Revolving credit refers to any fund-based credit facility that does not meet the definition of a term loan. The RBI also proposed to remove demand or call loans from the ambit of the credit policy of non-banking finanacial companies.

 

Speaking at the Global FinTech Fest in Mumbai, Murmu said the central bank was examining responses to various discussion papers and highlighted the need for an ecosystem-wide approach to fraud prevention. "Cybersecurity is no longer merely an IT issue; it is an enterprise-wide and increasingly ecosystem-wide risk," Murmu said, adding that vulnerabilities at one participant could affect several others.

 

He said financial stability, customer protection, security, transparency, accountability and fairness would remain non-negotiable as technology transforms the financial system. "Innovation and regulation are not adversaries," Murmu said, adding that regulation creates the confidence needed for innovation to scale, while responsible innovation gives regulators confidence to allow experimentation.

 

Murmu said trust is the bedrock of finance, particularly as financial services become increasingly digital, instantaneous, and interconnected. "Technology changes how financial commitments are created and executed, but it does not replace the need for trust," he said. On emerging technologies, Murmu said quantum computing could change important aspects of finance, offering potential breakthroughs in optimisation and financial modelling while also challenging the cryptographic foundations of the existing financial system.

 

He said quantum readiness should form part of India's cyber-resilience strategy, noting that migration to new cryptographic standards could take years. He urged payment system providers and network operators to begin moving towards quantum-proofing their systems.

 

Murmu also urged fintech companies to treat financial inclusion as a design requirement rather than a later addition. "Digital innovation can exclude unintentionally" people with limited connectivity, low digital literacy, disabilities, language constraints or no smartphone, he said, stressing the need for multiple modes of access. Murmu said the next phase of India's digital financial journey should focus not merely on access and scale, but on quality, resilience and trust.

 

On digital lending, Murmu said technology should widen the frontier of formal credit rather than simply make existing lending faster. He stressed that while technology could distribute a financial service, it couldn't distribute responsibility, with regulated lenders remaining accountable for services delivered in their name.  End

 

Reported by Kabir Sharma and Sagar Sen

Edited by Avishek Dutta

 

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