The Centre for Development of Advanced Computing (C-DAC) and Bank of India (BOI) have signed a Memorandum of Understanding to explore indigenous quantum technologies and emerging digital solutions for banking, with a focus on cybersecurity and financial innovation, ANI reported on Friday, October 23, citing the Ministry of Electronics and Information Technology (MeitY).
Source: ANI via Daily Prabhat
The MoU, signed on October 22, 2026, sets up a framework for joint research and development, pilot implementations, technology demonstrations and capacity-building in the banking and financial services sector.
A quantum ecosystem for financial innovation
A key focus will be building a Quantum Ecosystem for Financial Innovation, preparing banking systems for both the opportunities and the security challenges of quantum computing. The two organisations will explore quantum-inspired and quantum-safe solutions — including work relevant to digital signatures and quantum-generated randomness — and test proofs of concept in secure sandbox environments, according to the ministry statement reported by ANI and LatestLY.
Source: ANI via LatestLY
C-DAC, an autonomous scientific society under MeitY, brings expertise in high-performance computing, artificial intelligence, blockchain and cybersecurity, while Bank of India contributes its banking domain experience and infrastructure.
MeitY Secretary S. Krishnan stressed the need to build a quantum-resilient financial ecosystem amid growing cybersecurity threats. Bank of India Executive Director Rajiv Mishra said quantum technologies could reshape areas from cybersecurity to complex financial decision-making, Global Governance News reported.
Source: Global Governance News
The partners will identify priority banking use cases, benchmark emerging technologies against existing systems and prepare roadmaps for pilot projects or adoption.