C-DAC and Bank of India Sign Quantum Banking MoU

A government supercomputing body and a public sector bank have agreed to prepare India's banking systems for the quantum age. The Centre for Development of Advanced Computing (C-DAC), an autonomous scientific society under the Ministry of Electronics and Information Technology (MeitY), and Bank of India (BOI) signed a Memorandum of Understanding on 22 October 2026 for work on quantum financial innovation and the use of new technology in banking. The agreement was made public on 23 October 2026.

What the agreement covers

The memorandum sets up a framework for joint research, development, pilot runs, technology demonstrations and training in fields of strategic value to banking and financial services. Its central aim is a Quantum Ecosystem for Financial Innovation: banking systems that can use what quantum computing offers while standing up to the security risks it creates. The two sides will study quantum-inspired and quantum-safe methods that can strengthen security, trust, resilience and decision-making in a bank.

How the work will proceed

• A priority list of banking use cases will be drawn up.
• Proofs of concept will be demonstrated inside secure sandbox environments.
• Technical feasibility and the likely value to the bank will be assessed.
• New approaches will be measured against systems already in use.
• Roadmaps will be prepared for further development, pilots or adoption.

Beyond quantum

The memorandum also opens the door to blockchain, artificial intelligence and other new technologies for financial services. The areas listed include intelligent document processing, help for customers and staff, fraud analysis, credit and financial analytics, secure and responsible artificial intelligence platforms, smart contracts, digital identity and safe data sharing. Training programmes in quantum computing, quantum security, artificial intelligence and blockchain will be run to build the talent the bank will need.

Who signed it

S. Krishnan, Secretary of MeitY, congratulated the bank for backing home-grown innovation and said a quantum-resilient financial system was needed at a time of growing cyber threats. E. Magesh, Director General of C-DAC, described the tie-up as a step towards turning India's own quantum research into working banking solutions. Rajiv Mishra, Executive Director of the bank, said quantum technology could reshape banking from cybersecurity to complex financial decisions, and the bank wanted to test those possibilities in an orderly way. C-DAC brings strength in high performance computing, artificial intelligence, quantum technology, blockchain and cybersecurity, while the bank brings its nationwide reach and a high-volume technology setup.