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 quantum technologies and other emerging digital solutions for the banking sector. The agreement was signed on 22 October, 2026.
The collaboration will cover joint research, technology development, pilot projects, demonstrations and training programmes. It brings together C-DAC's expertise in high-performance computing, artificial intelligence, quantum technologies, blockchain and cybersecurity with Bank of India's banking operations and technology infrastructure.
Quantum Security in Focus
A key area of the partnership is the development of a quantum ecosystem for financial innovation. The two organisations will explore quantum-inspired solutions and quantum-safe technologies to address future cybersecurity risks and strengthen the resilience of banking systems.
The proposed work will include identifying priority banking applications, testing proof-of-concept projects in secure sandbox environments and assessing their technical feasibility and commercial value. The partners will also compare emerging technologies with existing systems before considering further pilots or adoption.
MeitY Secretary S. Krishnan welcomed the collaboration, highlighting the need to prepare India's financial system for emerging quantum-related security threats.
C-DAC Director General E. Magesh said the partnership would help translate India's indigenous technology capabilities into practical banking applications through research, development and capacity building.
Bank of India Executive Director Rajiv Mishra said the collaboration would allow the bank to evaluate how quantum technologies could be applied to cybersecurity and complex financial decision-making.
AI, Blockchain and Skills Development
Beyond quantum computing, the MoU covers artificial intelligence, blockchain and other technologies relevant to financial services. Potential applications include fraud analysis, credit analytics, intelligent document processing, digital identity, secure data sharing, smart contracts and responsible AI systems.
The agreement also provides for training and capacity-building programmes in quantum computing, quantum security, AI and blockchain to develop the skills required for future banking technologies.
The MoU was exchanged by C-DAC Mumbai Executive Director Aditya Kumar Sinha and Bank of India Chief General Manager and Chief Information Officer Satyendra Singh.
The exchange took place in the presence of Krishnan, Mishra, MeitY Joint Secretary Sudeep Shrivastava, C-DAC Director General Magesh and other senior officials from the ministry, bank and research organisation.
The partnership will allow both institutions to assess emerging technologies through research and controlled trials before deciding on their wider use in banking operations.
