Boost to indigenous quantum technologies in banking: MoU signed between C-DAC and Bank of India, with a special focus on security, financial analysis, and staff skill development.
Trinet News, New Delhi, October 23: The Centre for Development of Advanced Computing (C-DAC) and the Bank of India have joined forces to utilize indigenous quantum technologies and advanced digital solutions in the banking sector. They signed a Memorandum of Understanding (MoU) on October 22 with the objective of joint research, pilot implementations, technological demonstrations, and skill development. As part of this partnership, the expertise of C-DAC—an autonomous scientific institution under the Ministry of Electronics and Information Technology (MeitY)—in high-performance computing, artificial intelligence, quantum technologies, blockchain, and cybersecurity will be leveraged. This will be integrated with the banking experience, nationwide operations, and massive technological infrastructure of the Bank of India. A key aspect of this agreement is to develop a quantum technology ecosystem that supports innovation in the financial sector. Banking systems will be prepared for both the opportunities and security challenges brought by quantum technologies. To enhance security, reliability, resilience, and decision-making processes, quantum-driven and post-quantum cryptography technologies will be jointly explored. High-priority banking requirements will be identified, and prototype solutions will be tested in a controlled, secure sandbox environment. Their technological feasibility and banking benefits will be evaluated, and performance will be compared with currently deployed systems. Based on the results, an action plan for further development, pilot implementation, and deployment will be formulated. S. Krishnan, Secretary, Ministry of Electronics and Information Technology, stated that in the wake of growing cybersecurity concerns and emerging technological threats, there is a need to build a financial system that can withstand quantum challenges. He congratulated the Bank of India for partnering with C-DAC for indigenous innovations. E. Magesh, Director General of C-DAC, stated that this agreement is a crucial step in translating domestic quantum and advanced technology capabilities into practical banking solutions. He mentioned that through joint research and skill development, they will contribute to a secure and future-ready financial system. Rajeev Mishra, Executive Director of Bank of India, stated that quantum technologies can influence many aspects of banking, ranging from cybersecurity to complex financial decision-making. He explained that by systematically exploring these opportunities, they will enhance the knowledge and capabilities required for next-generation technologies. The agreement also paves the way for cooperation in fields such as artificial intelligence and blockchain, alongside quantum technologies. Areas to be explored include automated document analysis, technical assistance for customers and employees, fraud analysis, credit and financial analysis, secure AI platforms, responsible AI usage, smart contracts, digital identity, and secure data exchange. Training programs in quantum computing, quantum security, AI, and blockchain will also be undertaken. Aditya Kumar Sinha, Executive Director of C-DAC Mumbai, and Satyendra Singh, CGM-IT and CIO of Bank of India, exchanged the agreement documents. The event was attended by S. Krishnan, Rajeev Mishra, Ministry Joint Secretary Sudeep Srivastava, E. Magesh, and other senior officials from the respective organizations.
