C-DAC and Bank of India inked an MoU on 22 October to explore quantum tech for banking, covering data protection, AI, and blockchain.

The agreement was exchanged on 22 October and announced by the government on 23 October.

C-DAC is a government computing research body under the Ministry of Electronics and IT.

Aditya Kumar Sinha, executive director of C-DAC Mumbai, and Satyendra Singh, the bank’s chief information officer, exchanged the papers while MeitY Secretary S Krishnan looked on.

Quantum computers, a new kind of machine, could one day weaken the codes that protect bank data today, and banks want to be ready.

Under the plan, the two sides will run joint research, small trial projects and demonstrations.

They will pick the banking uses that matter most, then test them in a secure sandbox, which is a safe testing space kept apart from live systems.

They will also check whether each idea works in practice, compare it with current systems and draw up roadmaps for what comes next. The MoU goes beyond quantum.

It also covers AI and blockchain, with possible uses such as sorting paperwork, helping customers and staff, spotting fraud, checking credit and protecting digital identity.

Training is part of the plan too. Staff will get courses in quantum computing, quantum security, AI and blockchain.

Rajiv Mishra, executive director at Bank of India, said quantum technology could reshape banking, from cybersecurity to complex decisions, and the bank wants to study it step by step.

E Magesh, director general of C-DAC, said the aim is to turn India’s homegrown quantum skills into tools banks can use. This follows a move by the central bank.

On 25 May, the Reserve Bank of India set up an eight-member expert committee called Q-SAFE to study the risks and openings that quantum technology brings to finance.

It must submit its report within six months of its first meeting. The MoU announcement gives no budget or timeline for the work.

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