The Centre for Development of Advanced Computing (C-DAC) and Bank of India (BOI) have signed a Memorandum of Understanding (MoU). It covers quantum financial innovation and the use of emerging technologies in banking. They signed it on 22 October 2026.
C-DAC is an autonomous scientific society under the Ministry of Electronics and Information Technology (MeitY), Government of India.
What the MoU Covers
The MoU sets up a framework for joint research, development, pilot projects, technology demonstrations and capacity-building. These span technologies of strategic importance to banking and financial services.
The partnership combines C-DAC’s strengths with BOI’s banking know-how. C-DAC brings High Performance Computing, Artificial Intelligence, Quantum Technologies, Blockchain, Cybersecurity and home-grown technology development. Bank of India offers its domain expertise, nationwide presence and high-volume technology environment.
A Quantum Ecosystem for Banking
A key focus is building a Quantum Ecosystem for Financial Innovation. It aims to prepare banking systems for both the opportunities and the new security challenges that quantum technologies bring. The two organisations will explore quantum-inspired and quantum-safe technologies. These can strengthen security, trust, resilience and decision-making in banking.
The partners will identify a prioritised set of banking use cases. They will run Proofs of Concept in secure sandbox environments. They will assess technical feasibility and likely banking value and compare new approaches with existing systems. They will also draw up roadmaps for further development, pilots or adoption.
Beyond Quantum
The MoU also covers Blockchain, Artificial Intelligence and other emerging technologies relevant to financial services. Possible areas include intelligent document processing and customer and employee assistance. Others are fraud analysis, credit and financial analytics, secure AI platforms, responsible AI, smart contracts, digital identity and secure data sharing.
The partnership also aims to build future-ready talent. It will run training and capacity-building programmes in Quantum Computing, Quantum Security, Artificial Intelligence, Blockchain and other digital technologies.
What Leaders Said
S. Krishnan, Secretary at MeitY, congratulated Bank of India on its contribution to technology and praised its work with C-DAC to foster home-grown innovation. He stressed the need to build a quantum-resilient financial ecosystem as cybersecurity concerns and technology threats grow. He said this would prepare the banking sector for the challenges and opportunities of the quantum era.
E. Magesh, Director General of C-DAC, called the MoU an important step in turning India’s quantum and emerging technology strengths into practical banking solutions. He said joint research, development and capacity-building will support a secure, resilient and future-ready financial ecosystem.
Rajiv Mishra, Executive Director at Bank of India, said quantum technologies could reshape several parts of banking, from cybersecurity to complex financial decisions. He said the partnership will let the bank explore and test these possibilities in a structured way. It will also build the knowledge and skills the bank needs for the next generation of technology.
The Signing
Aditya Kumar Sinha, Executive Director at C-DAC Mumbai, and Satyendra Singh, CGM IT and CIO at Bank of India, formally exchanged the MoU. S. Krishnan, Rajiv Mishra, Sudeep Shrivastava (Joint Secretary, MeitY) and E. Magesh were present. Senior officials from MeitY, Bank of India and C-DAC also attended.
Bank of India and C-DAC Mumbai aim to create a clear path for turning home-grown research and new technologies into practical banking tools. The goal is a secure, resilient and future-ready financial system.
