Pariksha SaathiC-DAC and Bank of India sign MoU to build a 'Quantum Ecosystem for Financial Innovation'
The Centre for Development of Advanced Computing (C-DAC), an autonomous scientific society under the Ministry of Electronics and Information Technology, and Bank of India signed a Memorandum of Understanding on 22 October 2026 to collaborate on quantum financial innovation and the adoption of emerging technologies in banking. A key focus is a Quantum Ecosystem for Financial Innovation, jointly exploring quantum-inspired and quantum-safe technologies to strengthen security, resilience and decision-making in banking, with proofs of concept in secure sandbox environments. The MoU also provides a framework for collaboration in blockchain and AI, with potential areas such as fraud analysis, credit analytics, smart contracts and digital identity, and the partnership will focus on training in quantum computing, quantum security, AI and blockchain. MeitY Secretary S. Krishnan stressed the need for a quantum-resilient financial ecosystem.
Drafted with AI assistance from the official PIB release linked above and checked against it by a second AI pass. Not line-edited by a human.
Learning context
The Union Cabinet approved the National Quantum Mission (NQM) at an outlay of ₹6003.65 crore for a period of eight years, from 2023-24 to 2030-31. Its physical targets include four Thematic Hubs in the first year (2023-24).
Check yourself: what is the outlay of the National Quantum Mission, and over which years does it run?
₹6003.65 crore, over eight years from 2023-24 to 2030-31.
Revision task: from this release, note the two parties, the date, the name of the quantum ecosystem, the two kinds of quantum technology explored and the other technologies covered; from the note, the NQM's outlay, period and first-year Thematic Hubs.
Test yourself
With which organisation did Bank of India sign an MoU on 22 October 2026 to develop a 'Quantum Ecosystem for Financial Innovation'?
Show the answer
Answer: Centre for Development of Advanced Computing (C-DAC)
C-DAC, an autonomous scientific society under MeitY, and Bank of India signed the MoU to explore quantum-inspired and quantum-safe technologies for banking, besides blockchain and AI applications.
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