THEBUSINESSBYTES BUREAU

NEW DELHI, OCTOBER 23, 2026

Bank of India (BOI) and the Centre for Development of Advanced Computing (C-DAC) have joined hands to advance indigenous quantum technologies and explore their applications in banking, with a focus on cybersecurity, financial analytics and next-generation digital solutions.

The two organisations signed a memorandum of understanding (MoU) on October 22 to collaborate on quantum financial innovation and the adoption of emerging technologies, including artificial intelligence (AI), blockchain and quantum-safe solutions, aimed at strengthening the security and resilience of India's banking ecosystem.

The partnership will facilitate joint research and development, pilot implementations, proof-of-concept projects, technology demonstrations and capacity-building initiatives to translate indigenous technological capabilities into practical banking applications.

C-DAC, an autonomous scientific society under the Ministry of Electronics and Information Technology (MeitY), will bring its expertise in high-performance computing, AI, quantum technologies, blockchain, cybersecurity and indigenous technology development to the collaboration. Bank of India will contribute its banking expertise, nationwide network and large-scale technology infrastructure.

A key objective of the partnership is to develop a quantum ecosystem for financial innovation, preparing banks to harness emerging technological opportunities while addressing the security challenges posed by advances in quantum computing.

The organisations will explore quantum-inspired and quantum-safe technologies to strengthen data protection, operational resilience, decision-making and trust in financial services. The initiative will also identify priority banking use cases, test solutions in secure sandbox environments, evaluate their technical feasibility and commercial value, and benchmark new approaches against existing systems.

Congratulating Bank of India on its contribution to technological advancement, MeitY Secretary S Krishnan emphasised the importance of building a quantum-resilient financial ecosystem amid growing cybersecurity concerns and emerging technological threats.

He also underscored the need to prepare the banking sector to address the challenges and opportunities arising from the advent of the quantum era.

C-DAC Director General E Magesh said the collaboration marked an important step towards translating India's indigenous quantum and emerging technology capabilities into practical banking solutions.

Through joint research, development and capacity building, C-DAC aims to support the creation of a secure, resilient and future-ready financial ecosystem, he said.

Bank of India Executive Director Rajiv Mishra said quantum technologies could reshape several aspects of banking, ranging from cybersecurity to complex financial decision-making.

The partnership would enable the bank to explore and evaluate these emerging possibilities in a structured manner while developing the knowledge and capabilities required to prepare for the next generation of technology, he said.

Beyond quantum computing, the MoU envisages cooperation in AI, blockchain and other technologies relevant to financial services. Potential applications include intelligent document processing, customer and employee assistance systems, fraud analysis, credit assessment, financial analytics, secure AI platforms, responsible AI, smart contracts, digital identity and secure data sharing.

The agreement also places emphasis on developing a skilled workforce through training and capacity-building programmes in quantum computing, quantum security, AI, blockchain and other emerging digital technologies.

The MoU was formally exchanged by C-DAC Mumbai Executive Director Aditya Kumar Sinha and Bank of India Chief General Manager and Chief Information Officer Satyendra Singh in the presence of Krishnan, Mishra, MeitY Joint Secretary Sudeep Shrivastava, Magesh and other senior officials from the ministry and the two organisations.

The collaboration is expected to establish a structured pathway for converting indigenous research into deployable financial technology solutions, while supporting India's efforts to build a secure, resilient and technologically advanced banking sector.