The Centre for Development of Advanced Computing (C-DAC), an autonomous scientific society under the Ministry of Electronics and Information Technology (MeitY), and Bank of India (BOI) signed a Memorandum of Understanding on 22 October 2026 to collaborate on quantum financial innovation and adoption of emerging technologies in banking. The MoU establishes a framework for joint research, development, pilot implementations, technology demonstrations, and capacity-building initiatives across technologies of strategic relevance to the banking and financial services sector.
A key focus of the partnership is the development of a Quantum Ecosystem for Financial Innovation, aimed at preparing banking systems for both opportunities and emerging security challenges associated with quantum technologies. The collaboration will explore quantum-inspired and quantum-safe technologies to strengthen security, trust, resilience, and decision-making in banking. Specific activities include identifying prioritized banking use cases, demonstrating Proofs of Concept in secure sandbox environments, assessing technical feasibility and potential banking value, benchmarking emerging approaches against existing systems, and developing roadmaps for further development and adoption.
Beyond quantum technologies, the MoU provides a framework for collaboration in Blockchain, Artificial Intelligence, and other emerging technologies relevant to financial services. Potential application areas 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 partnership will also focus on developing a future-ready talent ecosystem through training and capacity-building programmes in Quantum Computing, Quantum Security, Artificial Intelligence, Blockchain, and other emerging digital technologies.
Senior officials from both organizations emphasized the strategic importance of the collaboration. Shri S. Krishnan, Secretary IAS, MeitY, emphasized the need to build a quantum-resilient financial ecosystem amid growing cybersecurity concerns. Shri E. Magesh, Director General of C-DAC, stated this collaboration aims to translate India's indigenous quantum and emerging technology capabilities into practical banking solutions. Shri Rajiv Mishra, Executive Director of BOI, noted that quantum technologies have the potential to reshape several aspects of banking, from cybersecurity to complex financial decision-making.
The MoU was formally exchanged by Shri Aditya Kumar Sinha, Executive Director of C-DAC Mumbai, and Shri Satyendra Singh, CGM IT & CIO of Bank of India, in the presence of senior officials from MeitY, Bank of India, and C-DAC. Through this collaboration, both organizations aim to create a structured pathway for translating indigenous research and emerging technologies into practical banking applications while contributing to a secure, resilient, and technologically future-ready financial ecosystem.