Bank Of India, C-DAC Sign MoU To Develop Quantum-Safe Banking Solutions, AI And Cybersecurity In Focus
· Free Press Journal
New Delhi: Bank of India (BOI) has signed a Memorandum of Understanding (MoU) with the Centre for Development of Advanced Computing (C-DAC) to promote quantum financial innovation and emerging technologies in banking.
The partnership aims to strengthen cybersecurity, improve digital banking systems and develop indigenous technology solutions for the financial sector.
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Quantum Banking
The collaboration will focus on developing a quantum ecosystem for financial innovation, helping banks prepare for emerging technological opportunities and security threats.
Key areas include quantum-safe security, digital signatures, quantum-generated randomness and advanced optimisation techniques for banking operations.
Both organisations will explore practical applications through joint research, pilot projects and technology demonstrations.
Digital Security
The agreement will support the development of secure banking infrastructure using quantum-resistant technologies.
Bank of India will contribute its banking expertise and nationwide operational network, while C-DAC will provide capabilities in advanced computing, cybersecurity and indigenous technology development.
The organisations will conduct Proofs of Concept (PoCs) in controlled environments to evaluate technical feasibility and potential banking benefits.
AI Integration
Beyond quantum computing, the partnership covers Artificial Intelligence, Blockchain and other emerging technologies.
Potential applications include fraud detection, intelligent document processing, credit analytics, digital identity, secure data sharing and customer assistance.
Central Bank of India organises walkathon, cycle rally for vigilance awarenessThe collaboration will also explore responsible AI platforms and smart contracts to improve banking efficiency.
Leadership Views
BOI Executive Director Rajiv Mishra said quantum technologies could transform banking cybersecurity and complex financial decision-making.
MeitY Secretary S. Krishnan highlighted the importance of developing a quantum-resilient financial ecosystem to address emerging cyber threats.
Central Bank Of India Observes Vigilance Awareness Week, Highlights Cyber Fraud Prevention And Customer SafetyC-DAC Director General E. Magesh said the partnership would help translate India's indigenous technological capabilities into practical banking solutions.
Future Readiness
The MoU was exchanged by C-DAC Mumbai Executive Director Aditya Kumar Sinha and BOI CIO Satyendra Singh in the presence of senior officials.
Both organisations will also undertake training programmes in quantum computing, cybersecurity, AI and Blockchain to strengthen banking technology capabilities.