C-DAC and Bank of India Join Hands to Explore Quantum Technology for Banking

The Centre for Development of Advanced Computing (C-DAC) and Bank of India have signed a memorandum of understanding to explore the use of quantum technologies and other emerging technologies in banking.

The agreement was signed on October 22, with the Ministry of Electronics and Information Technology announcing the collaboration on October 23.

According to the ministry’s press release, the partnership will cover joint research, pilot projects, technology demonstrations and training programmes focused on applications relevant to financial services.

Quantum-Inspired And Quantum-Safe Technologies

The organisations plan to examine quantum-inspired and quantum-safe technologies that could strengthen security, resilience and decision-making in banking systems. They will also explore applications

involving artificial intelligence, blockchain, cybersecurity and high-performance computing.

One of the objectives is to identify practical banking use cases, test potential solutions in secure environments and evaluate whether they offer benefits over existing systems.

Possible areas of exploration include fraud analysis, credit assessment, intelligent document processing, secure data sharing, digital identity and AI-assisted services for customers and employees.

The partnership will also focus on developing skills in quantum computing, quantum security, AI and blockchain through training and capacity-building programmes.

Quantum computing is attracting interest because it could eventually change how certain complex calculations are performed. At the same time, advances in quantum technology could create challenges for existing encryption methods, making preparations for quantum-safe security important.

The agreement establishes a framework for research and evaluation. It does not mean that quantum-powered banking services are already being deployed for customers.