On October 22, 2026, the Centre for Development of Advanced Computing (C-DAC) and Bank of India formalized a partnership to build a “Quantum Ecosystem for Financial Innovation,” demonstrating a commitment to advancing quantum technologies within the Indian banking sector. The collaboration will combine C-DAC’s expertise in high-performance computing and quantum technologies with Bank of India’s nationwide infrastructure and banking knowledge.
“This collaboration with Bank of India is an important step towards translating India’s indigenous quantum and emerging technology capabilities into practical banking solutions,” said E. Magesh, Director General, C-DAC, as the two entities prepare for emerging security challenges and opportunities in the quantum era.
C-DAC and Bank of India Establish Quantum Financial Innovation Partnership
Shri S. Krishnan, Secretary to the Ministry of Electronics & IT, commended Bank of India for its commitment to technological advancement and acknowledged the collaboration with C-DAC as a catalyst for indigenous innovation within the financial sector. This partnership signals a move beyond exploratory discussions to a defined collaborative framework. The organizations will also benchmark emerging quantum approaches against current systems, creating a clear pathway for future development and adoption.
Beyond quantum technologies, the memorandum of understanding (MoU) also encompasses collaboration in Blockchain, Artificial Intelligence and other emerging technologies relevant to financial services, including intelligent document processing and fraud analysis. E. Magesh emphasized C-DAC’s aim to support a secure and resilient financial ecosystem through joint research, development and capacity building.
Shri Rajiv Mishra, Executive Director of Bank of India, added that quantum technologies have the potential to reshape several aspects of banking, from cybersecurity to complex financial decision-making. Through this collaboration with C-DAC, they 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 future technology.
The partnership will also address the need for a future-ready talent pool, developing training programs in Quantum Computing, Quantum Security, Artificial Intelligence and Blockchain, ensuring the banking sector has the expertise to navigate this evolving field. 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 senior officials from both organizations and the Ministry of Electronics & IT.
Quantum technologies have the potential to reshape several aspects of banking, from cybersecurity to complex financial decision-making.
Shri Rajiv Mishra, Executive Director, BOI
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