Bank of India (BOI) has signed a memorandum of understanding (MoU) with the Centre for Development of Advanced Computing (C-DAC) to cooperate on quantum financial innovation and the deployment of emerging digital tools in banking.
C-DAC is an autonomous scientific society under the ministry of electronics and information technology (MeitY), government of India.
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The agreement establishes terms for joint research, development, pilot deployments, technology demonstrations, and skills training across financial software and infrastructure.
The arrangement pairs C-DAC’s technical capabilities in high-performance computing, AI, quantum technologies, blockchain, cybersecurity, and indigenous technology development with BOI’s commercial banking expertise, branch footprint, and high-volume transaction processing operations.
A primary priority of the agreement is the establishment of a quantum ecosystem for financial innovation.
The initiative aims to adapt banking architecture to both the functional opportunities and the cryptographic security risks presented by quantum computing.
Within this scope, the institutions will evaluate quantum-inspired and quantum-safe technologies to reinforce operational resilience, security protocols, institutional trust, and decision-making systems.
Project execution will follow a phased testing model.
The organisations plan to select a prioritised portfolio of banking use cases and validate them through Proofs of Concept within secure sandbox environments.
These tests will measure technical feasibility, quantify operational value, benchmark performance against legacy IT systems, and establish formal transition roadmaps toward full deployment.
Beyond quantum computing, the MoU covers financial applications for blockchain, artificial intelligence, and adjacent tools.
Targeted evaluation areas include intelligent document processing, customer and employee assistance, fraud analysis, credit and financial analytics, secure AI platforms, responsible AI, smart contracts, digital identity, and secure data sharing.
Through work directed via C-DAC Mumbai, both entities intend to create a practical pipeline for deploying domestic research and advanced digital systems into commercial banking workflows, targeted at maintaining a resilient and technologically secure financial ecosystem.
