Indian Economy News

C-DAC and Bank of India Collaborate to Advance Indigenous Quantum Technologies for Banking Applications

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 (MoU) on October 22, 2026, to advance quantum financial innovation and the adoption of emerging technologies in banking. The agreement establishes a framework for joint research and development, pilot implementations, technology demonstrations and capacity-building initiatives relevant to the banking and financial services sector. The partnership combines C-DAC’s expertise in high-performance computing, artificial intelligence (AI), quantum technologies, blockchain, cybersecurity and indigenous technology development with BOI’s banking expertise and nationwide presence. A key priority is to develop a quantum ecosystem for financial innovation, exploring quantum-inspired and quantum-safe technologies to strengthen security, trust, resilience and decision-making in banking.

The collaboration will identify priority banking use cases, develop proofs of concept in secure sandbox environments, assess technical feasibility and potential value, and benchmark emerging technologies against existing systems. It will also establish roadmaps for further development, pilot projects or adoption. Beyond quantum technologies, the partnership will explore blockchain, AI and other applications, including intelligent document processing, fraud analysis, credit and financial analytics, secure AI platforms, smart contracts, digital identity and secure data sharing. The MoU also provides for training and capacity-building programmes in quantum computing, quantum security, AI, blockchain and other emerging digital technologies. MeitY Secretary Mr. S. Krishnan emphasised the importance of building a quantum-resilient financial ecosystem amid evolving cybersecurity concerns and technological threats. C-DAC Director General Mr. E. Magesh and BOI Executive Director Mr. Rajiv Mishra highlighted the collaboration’s potential to translate indigenous research into practical banking solutions and prepare the sector for emerging technological opportunities.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.