The Centre for Development of Advanced Computing (C-DAC) and Bank of India (BOI) have signed a Memorandum of Understanding (MoU) to collaborate on quantum financial innovation and the adoption of emerging technologies in banking. The agreement was signed on October 22, 2026.

The partnership will focus on joint research, technology development, pilot projects and capacity-building initiatives across quantum technologies, artificial intelligence (AI), blockchain and cybersecurity. It aims to develop a quantum-ready financial ecosystem by exploring quantum-inspired and quantum-safe solutions to strengthen banking security, resilience and decision-making.

Under the agreement, the organisations will identify priority banking applications, conduct proof-of-concept projects in secure environments, assess technical feasibility and evaluate potential business benefits before considering wider implementation.

The collaboration will also explore applications in intelligent document processing, fraud detection, credit and financial analytics, customer assistance, digital identity, smart contracts, secure data sharing and responsible AI. Training programmes in quantum computing, quantum security, AI and blockchain will support the development of specialised talent.

MeitY Secretary S. Krishnan highlighted the importance of building a quantum-resilient financial ecosystem amid emerging cybersecurity threats. C-DAC Director General E. Magesh said the partnership would help translate India's indigenous quantum and emerging technology capabilities into practical banking solutions.

Bank of India Executive Director Rajiv Mishra said the collaboration would enable the bank to evaluate the potential of quantum technologies in cybersecurity and complex financial decision-making while developing capabilities for next-generation banking.

The MoU establishes a framework for C-DAC and Bank of India to advance indigenous technology development and support a secure, resilient and future-ready financial services ecosystem.