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The Centre for Development of Advanced Computing (C-DAC) and Bank of India (BOI) have signed a Memorandum of Understanding (MoU) to explore indigenous quantum technologies and emerging digital solutions for banking, with a focus on cybersecurity, financial innovation and building a future-ready banking ecosystem.
The MoU was signed on October 22, 2026, establishing a framework for joint research and development, pilot implementations, technology demonstrations and capacity-building initiatives in areas relevant to the banking and financial services sector, according to the Ministry of Electronics and Information Technology. The collaboration will combine C-DAC's expertise in high-performance computing, artificial intelligence (AI), quantum technologies, blockchain and cybersecurity with Bank of India's banking expertise and technology infrastructure. A key focus will be the development of a Quantum Ecosystem for Financial Innovation, aimed at preparing banking systems for opportunities and security challenges arising from quantum technologies. The two organisations will explore quantum-inspired and quantum-safe solutions to strengthen security, resilience, trust and decision-making in banking. The partnership will also identify priority banking use cases, develop proofs of concept in secure sandbox environments and assess their technical feasibility and potential value. The organisations will benchmark emerging technologies against existing systems and prepare roadmaps for further development, pilot projects or adoption. S. Krishnan, Secretary at MeitY, appreciated Bank of India's collaboration with C-DAC and emphasised the need to build a quantum-resilient financial ecosystem amid growing cybersecurity concerns and emerging technological threats. E. Magesh, Director General of C-DAC, said the collaboration would help translate India's indigenous quantum and emerging technology capabilities into practical banking solutions through joint research, development and capacity building. Quantum technologies have the potential to reshape several aspects of banking, from cybersecurity to complex financial decision-making, said Rajiv Mishra, Executive Director of Bank of India, adding that the partnership would help the bank evaluate emerging technologies and build the capabilities required for the next generation of banking. Beyond quantum technologies, the MoU covers potential applications of AI and blockchain, including intelligent document processing, fraud analysis, credit analytics, secure AI platforms, smart contracts, digital identity and secure data sharing. The partnership will also support training programmes in quantum computing, quantum security, AI, blockchain and other emerging digital technologies. Through the initiative, C-DAC and Bank of India aim to create a pathway for translating indigenous research into practical banking applications and strengthening India's secure and technologically resilient financial ecosystem. (ANI)
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