Finance 24 October 2026
C-DAC and Bank of India Partner to Explore Quantum Technologies for Banking
Why in the News?
The Centre for Development of Advanced Computing (**C-DAC**) and **Bank of India** signed a Memorandum of Understanding (MoU) on October 22, 2026, to jointly explore quantum technologies and emerging digital solutions for banking applications.
Key Features / Major Points:
- Core Focus: Developing a "Quantum Ecosystem for Financial Innovation" to strengthen cybersecurity resilience, data safety, and complex decision-making in the banking sector.
- Technical Scope: Explores quantum-inspired and quantum-safe protocols alongside advanced applications of Artificial Intelligence (AI) and Blockchain (e.g., fraud analysis, credit analytics, smart contracts, and digital identity).
- Research & Pilots: Framework includes joint research, sandbox testing, technology demonstrations, and proof-of-concept evaluations.
- Capacity Building: Focuses on establishing joint training programs for banking personnel in quantum computing, cybersecurity, and blockchain.
- Key Signatories: MoU was exchanged by C-DAC Mumbai Executive Director Aditya Kumar Sinha and Bank of India CGM (IT) & CIO Satyendra Singh in the presence of MeitY Secretary S. Krishnan and C-DAC DG E. Magesh.
Static GK Facts:
- C-DAC (Centre for Development of Advanced Computing): Established - 1988 | Headquarters - Pune, Maharashtra (Functions under MeitY).
- National Quantum Mission (NQM): Approved by the Union Cabinet in April 2023 with a budget allocation of ₹6,003.65 Crore spanning 2023–2031.
- Bank of India: Founded - September 7, 1906 | Headquarters - Mumbai | MD & CEO - Rajneesh Karnatak.
One-Liner Quiz (All Competitive Exams):
Q: Which public sector bank signed an MoU with C-DAC to explore quantum technology and AI applications in banking?
A: Bank of India
Q: Under which Union Ministry does the Centre for Development of Advanced Computing (C-DAC) function?
A: Ministry of Electronics and Information Technology (MeitY)
Q: Where is the headquarters of C-DAC located?
A: Pune, Maharashtra
Q: In which year did the Government of India launch the National Quantum Mission (NQM)?
A: 2023
#CDAC #BankofIndia #QuantumTechnology #Cybersecurity #MeitY #BankingTech #CurrentAffairs #StaticGK