C-DAC and Bank of India sign pact to explore quantum technologies for banking

The Centre for Development of Advanced Computing (C-DAC) and Bank of India have signed a memorandum of understanding to jointly explore quantum technologies and other emerging digital solutions for banking. Signed on October 22, the agreement sets a framework for joint research, pilot implementations, technology demonstrations and capacity building. A key focus is a 'Quantum Ecosystem for Financial Innovation' to prepare banking systems for the opportunities and security challenges of quantum technologies, including quantum-inspired and quantum-safe approaches to strengthen security, resilience and decision-making. The organisations will identify priority banking use cases and test proofs of concept in secure sandbox environments. The MoU also covers applications of AI and blockchain in areas such as fraud analysis, credit analytics, digital identity and secure data sharing. MeitY Secretary S. Krishnan stressed the need for a quantum-resilient financial ecosystem; C-DAC Director General E. Magesh called the collaboration a step towards translating India's indigenous quantum capabilities into practical banking solutions.

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