New Delhi, October 23 (APAC Media): The Centre for Development of Advanced Computing (C-DAC) and Bank of India (BOI) have signed a Memorandum of Understanding (MoU) to advance indigenous quantum technologies and explore their applications in banking and financial services.
Signed on October 22, 2026, the partnership will focus on joint research, pilot projects, technology demonstrations, and capacity building.
The initiative aims to strengthen banking security, improve operational efficiency, and prepare financial institutions for emerging technological challenges.
Focus on Quantum Computing and Cybersecurity
The collaboration will explore quantum-inspired and quantum-safe technologies to enhance data protection, cybersecurity and decision-making in banking.
The organisations will identify priority applications, develop proofs of concept in secure testing environments and assess their feasibility before considering wider adoption.
Other areas of cooperation include artificial intelligence (AI), blockchain and emerging digital technologies. Potential applications include fraud detection, credit analytics, intelligent document processing, digital identity, smart contracts and secure data sharing.
Partnership to Promote Indigenous Innovation
C-DAC will contribute its expertise in high-performance computing, quantum technologies, AI and cybersecurity, while Bank of India will provide banking expertise and operational insights to evaluate practical applications.
The MoU also includes training and capacity-building initiatives in quantum computing, quantum security, AI and blockchain to develop skilled professionals for emerging technology sectors.
Secretary of the Ministry of Electronics and Information Technology, S. Krishnan, highlighted the importance of building a quantum-resilient financial ecosystem amid growing cybersecurity concerns.
The partnership aims to translate India’s indigenous technology capabilities into practical banking solutions and strengthen the security, resilience and technological preparedness of the country’s financial services sector.
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