C-DAC and Bank of India will explore indigenous quantum and quantum-safe technologies to strengthen banking cybersecurity, assess emerging applications and develop domestic advanced computing capabilities.
The Centre for Development of Advanced Computing (C-DAC) and Bank of India (BOI) have signed a memorandum of understanding (MoU) to explore indigenous quantum and quantum-safe technologies for banking and financial services.
Signed on 22 October 2026, the MoU establishes a framework for joint research and development (R&D), pilot projects, proofs of concept (PoCs), technology demonstrations and capacity-building programmes.
The collaboration aims to strengthen banking cybersecurity and operational resilience while preparing financial systems for opportunities and security challenges arising from advances in quantum technologies. The organisations will explore quantum-inspired and quantum-safe solutions to improve security and decision-making.
C-DAC will contribute expertise in high-performance computing (HPC), artificial intelligence (AI), quantum technologies, blockchain, cybersecurity and indigenous technology development. Bank of India will bring its banking expertise and nationwide operations to identify practical applications.
The organisations will identify priority banking use cases, develop PoCs in secure sandbox environments, assess technical feasibility and business value, and benchmark emerging technologies against existing systems. The findings will inform roadmaps for further development, pilot implementation and potential adoption.
Beyond quantum technologies, the partnership will explore AI, blockchain and other emerging technologies for applications such as intelligent document processing, fraud analysis, credit analytics, secure AI platforms, smart contracts, digital identity and secure data sharing.
The MoU also provides for training in quantum computing, quantum security, AI, blockchain and other emerging digital technologies.
S. Krishnan, Secretary, Ministry of Electronics and Information Technology (MeitY), welcomed the collaboration and emphasised the need for a quantum-resilient financial ecosystem amid growing cybersecurity concerns and emerging technological threats.
E. Magesh, Director General of C-DAC, said the partnership would help translate India’s indigenous quantum and emerging technology capabilities into practical banking solutions. Rajiv Mishra, Executive Director of Bank of India, said quantum technologies could transform cybersecurity and complex financial decision-making.
The MoU was exchanged by Aditya Kumar Sinha, Executive Director, C-DAC Mumbai, and Satyendra Singh, Chief General Manager (IT) and Chief Information Officer, Bank of India, in the presence of senior officials from MeitY, C-DAC and the bank.
The agreement establishes a framework for exploration and evaluation; the announcement does not confirm commercial deployment, investment commitments or a specific quantum hardware development programme.
