New Delhi, October 22, 2026: Bank of India (BOI) and the Centre for Development of Advanced Computing (C-DAC), an autonomous scientific society under the Ministry of Electronics and Information Technology (MeitY), have signed a Memorandum of Understanding (MoU) to collaborate on quantum financial innovation and the adoption of emerging technologies in banking.
The agreement aims to leverage BOI’s banking expertise and C-DAC’s capabilities in high-performance computing, artificial intelligence, quantum technologies, blockchain, and cybersecurity to develop a quantum ecosystem for financial innovation. The partnership will focus on strengthening banking security and resilience, as well as exploring innovative use cases through joint research, pilot projects, and proof-of-concept initiatives.
Focus on quantum-safe security and AI
Priority areas under the MoU include quantum-safe security, digital signatures, quantum-generated randomness, and advanced optimization. The collaboration will also cover artificial intelligence, blockchain, and other emerging technologies relevant to the financial sector. Joint activities will include research, technology demonstrations, and capacity-building programmes to support future-ready banking.
Key participants and leadership statements
The MoU was formally exchanged by Aditya Kumar Sinha, Executive Director, C-DAC Mumbai, and Satyendra Singh, Chief General Manager IT & CIO, Bank of India. The signing took place in the presence of S. Krishnan, Secretary, MeitY; Rajiv Mishra, Executive Director, Bank of India; Sudeep Shrivastava, Joint Secretary, MeitY; E. Magesh, Director General, C-DAC; and other senior officials from MeitY, Bank of India, and C-DAC.
Rajiv Mishra, Executive Director, Bank of India, said the collaboration aims to explore and evaluate the potential of quantum technologies in banking, particularly in cybersecurity and complex financial decision-making. S. Krishnan, Secretary, MeitY, highlighted the importance of building a quantum-resilient financial ecosystem amid rising cybersecurity concerns. E. Magesh, Director General, C-DAC, described the partnership as a step towards translating indigenous quantum and emerging technology capabilities into practical banking solutions.
Joint research and capacity building
The partnership will identify and prioritise banking use cases, demonstrate proofs of concept in secure sandbox environments, assess technical feasibility, benchmark new approaches, and develop roadmaps for further pilots or adoption. Areas of application 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.
Additionally, the collaboration will focus on developing a future-ready talent ecosystem through training and capacity-building programmes in quantum computing, quantum security, artificial intelligence, blockchain, and other digital technologies.
Framework for future banking innovation
The MoU establishes a framework for Bank of India and C-DAC to jointly advance research and development, pilot implementations, and technology demonstrations, contributing to a secure and technologically advanced financial ecosystem.
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