banks to introduce certain minimum checks and balances to mitigate the impact of such attacks. banks have also been instructed to put in place customer induced caps on value of transactions, limit on number of beneficiaries to be added in a day, sending alerts when beneficiary is added, velocity check on number of transactions, introduction of additional factor of authentication, etc. banks have also been instructed to consider feasibility of using digital signatures for large value payments in rtgs and capture of ip address as an additional validation check. the reserve bank has mandated additional factor of authentication for all card not present ( cnp ) transactions. several measures have already been initiated to secure the card present ( cp ) transactions through implementation of recommendations of the “ working group on securing card present transactions ” ( chairperson : gowri mukherjee ) in a time bound manner. 13. it becomes the responsibility of all the stakeholders to ensure timely completion of all tasks mandated towards fool - proofing the ecosystem for electronic payments. one of the measures for securing card present transaction is implementation of ukpt ( unique key per terminal ) or dukpt ( derived unique key per transaction ) and tle ( terminal line encryption ) to secure the technology infrastructure. while most banks have implemented these measures, 100 per cent achievement is likely to materialise soon leading to a safe and secure environment for electronic payment systems in our country. 14. while it is critical that technological measures are put in place, what is equally, if not more, important is creating awareness amongst the consumers / customers using these electronic payment methods. reserve bank has initiated a series of awareness programmes – e - baat ( electronic banking awareness training ) alongwith banks and other stakeholders. at the same time, serious attention needs to be paid to related issues of consumer protection, grievance redressal mechanisms, and issues of consumer liability in case of negligence or complicity in the event of unauthorised / fraudulent transactions. challenges in indian payment systems ecology 15. there are several issues which need to be addressed to make the electronic payment system infrastructure in india more efficient and integrated ; the crucial ones being building bis central bankers ’ speeches dexterity of payment systems through standardisation, interoperability, and creation of common infrastructure. 16. in india, there are different types of messaging solutions and formats specific to each of the payment systems. consequently, banks / system participants are required to develop application specific apis ( application program interface ) to integrate with these payment systems.

to actually build a functioning machine based on it. thirty years on, while we 1 / 3 bis - central bankers'speeches still lack a fully functional and reliable quantum computer, we seem to be actually getting closer and closer. as the cybersecurity threat is serious but there are potential ways to fend it off, we cannot afford to wait. implementing quantum - resistant cryptography tools before quantum computers become practically operational is crucial for data longevity. sensitive data that are encrypted using today's technology could be stored now by malicious agents and decrypted later, once quantum tools become available ; upgrading cryptographic tools as soon as possible is therefore necessary to ensure long - term data security. this is especially relevant for financial institutions. their core business is ultimately based on the ability to create, manage and use sensitive data, and it is not unlikely that the quantum revolution will hit the financial sector faster and more intensively than other industries. awareness of the need to act is growing. in the spring of this year, the european commission published a'recommendation on a coordinated implementation roadmap for the transition to post - quantum cryptography '. in the us, the national institute of standards and technology ( nist ) officially released its first set of finalised post - quantum cryptography ( pqc ) algorithms last month. this is a major step forward. in the g7 finance track, the italian presidency identified quantum computing as one of the key strategic cyber issues facing us. it may affect multiple policy areas, including national security, competitiveness, ethics, and skill development. while solutions to achieve quantum security are starting to become available, there are factors that can make market players reluctant to adopt them quickly. these include uncertainty about the actual urgency of the quantum threat, the fact that a common transition approach has not yet emerged, and the fragmentation of investments, responsibilities and regulatory frameworks across jurisdictions. the g7 has launched several technical initiatives to foster coordination among the main stakeholders. with today's workshop, we aim to engage key experts in g7 countries, with a view to developing a shared understanding of the most urgent issues, a potential roadmap to address the transition to quantum resilience and, to the extent possible, an agreed policy agenda. we are fortunate today to have speakers and attendants from a wide range of backgrounds : academia, government institutions ( including lawenforcement agencies ), central banks, international organisations and the finance industry. this promises to be