RBI to organise its first global hackathon beginning Nov 15


Reserve Bank of India (RBI) will organise its first global hackathon called ‘HARBINGER 2021–Innovation for Transformation’ focusing on digital payments.

Key Points
• The global hackathon will witness participants to identify and develop solutions which can be used:

  1. To make digital payments accessible to the under-served
  2. To enhance the ease of payments & user experience
  3. To strengthen the security of digital payments and
  4. to promote customer protection.

• The hackathon is inviting innovative ideas in payment & settlement system.

Registration for the hackathon starts from November 15.

RBI has invited participants to identify and develop solutions that have the potential to make digital payments accessible to the under-served, enhance the ease of payments and user experience while strengthening the security of digital payments and promoting customer protection.

RBI wants innovative ideas for four problem statements – innovative, easy-to-use, non-mobile digital payment solutions for converting small-ticket cash transactions to digital mode; context-based retail payments to remove the physical act of payment; alternate authentication mechanism for digital payments; and social media analysis monitoring tool for detection of digital payment fraud and disruption in the payment and settlement systems landscape.

Prize Money
The participants of the hackathon will get an opportunity to be mentored by industry experts and exhibit their innovative solutions. Their solutions will be analysed by eminent jury. They will win prizes in each category. Winner will get Rs 40 lakh while runner-up will receive Rs 20 lakh.


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