The Centre for Development of Advanced Computing (C-DAC) and Bank of India have signed a memorandum of understanding to jointly explore quantum technologies and other emerging digital solutions for banking applications.
Signed on October 22, the agreement provides a framework for joint research, pilot implementations, technology demonstrations and capacity building. It combines C-DAC’s expertise in advanced computing and indigenous technology development with Bank of India’s banking experience and nationwide operations.
A key focus will be developing a “Quantum Ecosystem for Financial Innovation” to prepare banking systems for the opportunities and security challenges associated with quantum technologies. The organisations will explore quantum-inspired and quantum-safe technologies to strengthen security, resilience and decision-making.
The partnership will identify priority banking use cases, test proofs of concept in secure sandbox environments and assess their technical feasibility and potential value. Emerging approaches will be benchmarked against existing systems before roadmaps are developed for further research, pilots or adoption.
Ministry of Electronics and Information Technology (MeitY) Secretary S. Krishnan emphasised the need to build a quantum-resilient financial ecosystem amid growing cybersecurity concerns and emerging technological threats.
C-DAC Director General E. Magesh said the collaboration was an important step towards translating India’s indigenous quantum and emerging technology capabilities into practical banking solutions.
Bank of India Executive Director Rajiv Mishra said quantum technologies could reshape areas ranging from cybersecurity to complex financial decision-making.
“Through our collaboration with C-DAC, we aim to explore and evaluate these emerging possibilities in a structured manner, while building the knowledge and capabilities required to prepare Bank of India for the next generation of technology,” he said.
Beyond quantum technologies, the agreement covers potential applications of artificial intelligence and blockchain in financial services. These include document processing, customer and employee assistance, fraud analysis, credit and financial analytics, digital identity, smart contracts and secure data sharing.
The organisations will also conduct training and capacity-building programmes in quantum computing, quantum security, artificial intelligence, blockchain and other emerging technologies.
The MoU was exchanged by C-DAC Mumbai Executive Director Aditya Kumar Sinha and Bank of India Chief General Manager for IT and Chief Information Officer Satyendra Singh in the presence of senior officials from the ministry and both organisations.
