(Shri Satyendra Singh , CGM IT & CIO, Bank of India signing MoU )
Collaboration to focus on translating indigenous quantum technologies into
practical banking applications
Priority areas include quantum-safe security, digital signatures, quantumgenerated randomness and advanced optimization
MoU also provides a framework for collaboration in Artificial Intelligence,
Blockchain, cybersecurity and other emerging technologies
Joint research, Proofs of Concept (PoCs), technology demonstrations and
capacity building to support future-ready banking
Partnership brings together Bank of India’s banking expertise and scale with CDAC’s capabilities in advanced computing and indigenous technology
development
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), Government of India, today signed a
Memorandum of Understanding (MoU) to collaborate on quantum financial innovation and
the adoption of emerging technologies in banking.
The MoU establishes a framework for Bank of India and C-DAC to explore joint research,
development, pilot implementations, technology demonstrations and capacity-building
initiatives across technologies of strategic relevance to the banking and financial services
sector.
The collaboration brings together Bank of India’s banking domain expertise, nationwide
presence and high-volume technology environment with C-DAC’s capabilities in High
Performance Computing, Artificial Intelligence, Quantum Technologies, Blockchain,
Cybersecurity and indigenous technology development.
A key focus of the partnership will be the development of a Quantum Ecosystem for
Financial Innovation, aimed at preparing banking systems for the opportunities as well as
emerging security challenges associated with quantum technologies. The two organizations
will jointly explore quantum-inspired and quantum-safe technologies that can strengthen
security, trust, resilience and decision-making in banking.
The collaboration will seek to identify a prioritized portfolio of banking use cases,
demonstrate Proofs of Concept in secure sandbox environments, assess technical feasibility
and potential banking value, benchmark emerging approaches against existing systems, and
develop roadmaps for further development, pilots or adoption.
Commenting on the collaboration, Shri Rajiv Mishra, Executive Director, BOI, said,
“Quantum technologies have the potential to reshape several aspects of banking, from
cybersecurity to complex financial decision-making. Through our collaboration with C-DAC,
we aim to explore and evaluate these emerging possibilities in a structured manner, while
building the knowledge and capabilities required to prepare Bank of India for the next
generation of technology”
Shri S. Krishnan, Secretary IAS, MeitY, congratulated Bank of India for its contribution to
technological advancement and appreciated its collaboration with C-DAC to foster
indigenous innovation. He emphasised the need to build a quantum-resilient financial
ecosystem in an era of growing cybersecurity concerns and emerging technological threats,
preparing the banking sector for the challenges and opportunities of the quantum era.
Commenting on the MoU, Shri E. Magesh, Director General, C-DAC, said, This collaboration
with Bank of India is an important step towards translating India’s indigenous quantum and
emerging technology capabilities into practical banking solutions. Through joint research
and development and capacity building, C-DAC aims to support a secure, resilient and futureready financial ecosystem.
Beyond quantum technologies, the MoU provides a framework for collaboration in
Blockchain, Artificial Intelligence and other emerging technologies relevant to
financial services. Potential areas include intelligent document processing, customer and
employee assistance, fraud analysis, credit and financial analytics, secure AI platforms, responsible AI, smart contracts, digital identity, secure data sharing and other applications
relevant to banking.
The partnership will also focus on developing a future-ready talent ecosystem through
training and capacity-building programmes in areas including Quantum Computing,
Quantum Security, Artificial Intelligence, Blockchain and other emerging digital technologies.
The MoU was formally exchanged by Shri Aditya Kumar Sinha, Executive Director, C-DAC
Mumbai and Shri Satyendra Singh , CGM IT & CIO, Bank of India , in the presence of Shri
S. Krishnan, IAS, Secretary, MeitY; Shri Rajiv Mishra, Executive Director, Bank of India,
Shri Sudeep Shrivastava, Joint Secretary, MeitY, Shri E. Magesh Director General C-DAC,
along with other senior officials from MeitY, Bank of India and C-DAC.
Through the collaboration, Bank of India and C-DAC Mumbai aim to create a structured
pathway for translating indigenous research and emerging technologies into practical
banking applications, while contributing to a secure, resilient and technologically future-
ready financial ecosystem.