New Delhi: 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 other emerging technologies for banking and financial services.
The MoU, signed on October 22, establishes a framework for joint research and development, pilot projects, proof-of-concept initiatives, technology demonstrations and capacity-building programmes.
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The collaboration will combine C-DAC’s expertise in high-performance computing, artificial intelligence (AI), quantum technologies, blockchain, cybersecurity and indigenous technology development with Bank of India’s banking expertise and nationwide operations.
A key focus will be to develop a quantum ecosystem for financial innovation, preparing banking systems for opportunities and security challenges arising from advances in quantum technologies. The two organisations will explore quantum-inspired and quantum-safe solutions to strengthen cybersecurity, operational resilience and decision-making in banking.
The partnership will identify priority banking use cases, develop proofs of concept in secure sandbox environments, assess technical feasibility and potential business value, and benchmark emerging technologies against existing systems. The findings will help establish roadmaps for further development, pilot implementation and potential adoption.
Beyond quantum technologies, the collaboration will cover AI, blockchain and other emerging technologies relevant to financial services.
Potential applications include intelligent document processing, customer and employee assistance, fraud analysis, credit and financial analytics, secure AI platforms, responsible AI, smart contracts, digital identity and secure data sharing.
The MoU also provides for training and capacity-building initiatives in quantum computing, quantum security, AI, blockchain and other emerging digital technologies to develop the skills required for next-generation banking systems.
S. Krishnan, Secretary, Ministry of Electronics and Information Technology (MeitY), welcomed the collaboration 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 partnership would help translate India's indigenous quantum and emerging technology capabilities into practical banking solutions through joint research, development and capacity building.
Rajiv Mishra, Executive Director of Bank of India, said quantum technologies could transform areas ranging from cybersecurity to complex financial decision-making. The collaboration would enable the bank to evaluate these emerging applications systematically while building capabilities for the next generation of banking technology.
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The MoU was exchanged by Aditya Kumar Sinha, Executive Director, C-DAC Mumbai, and Satyendra Singh, Chief General Manager (IT) and Chief Information Officer, Bank of India, in the presence of senior officials from MeitY, C-DAC and the bank.
The partnership aims to establish a structured pathway for translating indigenous research and emerging technologies into practical banking applications, supporting a more secure, resilient and technologically advanced financial ecosystem.
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