Bank of India (BOI) and the Centre for Development of Advanced Computing (C-DAC), an autonomous scientific society under the Ministry of Electronics and Information Technology (MeitY), Government of India, have signed a Memorandum of Understanding (MoU) to collaborate on quantum financial innovation and the adoption of emerging technologies in banking.
The MoU establishes a framework for C-DAC and BOI to explore joint research, development, pilot implementations, technology demonstrations and capacity-building initiatives across technologies of strategic relevance to the banking and financial services sector. The collaboration brings together C-DAC’s capabilities in High Performance Computing, Artificial Intelligence, Quantum Technologies, Blockchain, Cybersecurity and indigenous technology development with Bank of India’s banking domain expertise, nationwide presence and high-volume technology environment.
A key focus of the partnership will be the development of a Quantum Ecosystem for Financial Innovation, aimed at preparing banking systems for the opportunities as well as emerging security challenges associated with quantum technologies. The two organizations will jointly explore quantum-inspired and quantum-safe technologies that can strengthen security, trust, resilience and decision-making in banking. The collaboration will seek to identify a prioritized portfolio of banking use cases, demonstrate Proofs of Concept in secure sandbox environments, assess technical feasibility and potential banking value, benchmark emerging approaches against existing systems, and develop roadmaps for further development, pilots or adoption.
Bank of India offers wide range of services such as Personal banking, Corporate, Rural, MSME, Retail, NRI services, Cards/ATM etc.
