C-DAC and Bank of India join hands to advance quantum technologies

The Centre for Development of Advanced Computing (C-DAC), a scientific society under the Ministry of Electronics and Information Technology (MeitY), Government of India, and Bank of India (BOI), have signed a Memorandum of Understanding to collaborate on quantum financial innovation and adoption of emerging technologies in banking.

The collaboration brings together C-DAC’s capabilities in computing, artificial intelligence, quantum technologies, blockchain, cybersecurity and indigenous technology development with Bank of India’s expertise within banking, its nationwide presence and high-volume technology environment.

The MoU provides a framework for collaboration in blockchain, artificial intelligence and other emerging technologies relevant to financial services. Potential areas include intelligent document processing, customer and employee assistance, fraud analysis, credit and financial analytics, secure AI platforms, responsible AI, smart contracts, digital identity, secure data sharing and other applications relevant to banking.

The MoU was formally exchanged by Aditya Kumar Sinha, Executive Director, C-DAC Mumbai and Satyendra Singh , CGM IT & CIO, Bank of India, in the presence of S. Krishnan, IAS, Secretary, MeitY; Rajiv Mishra, Executive Director, Bank of India, Sudeep Shrivastava, Joint Secretary, MeitY, E. Magesh Director General C-DAC, along with other senior officials from MeitY, Bank of India and C-DAC.