‘HARBINGER 2021 – Innovation for Transformation’ – RBI’s first global hackathon

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

Key Points

• The global hackathon will be organised under theme of ‘Smarter Digital Payments’.
• It 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 can be done till November 15, 2021.

What this hackathon is about?

Through this hackathon, RBI seeks ideas on easy-to-use, innovative, non-mobile digital payment solutions to convert small-ticket cash transactions into digital mode to remove physical act of payment. It also seeks to develop alternate authentication mechanism for digital payments. Under the hackathon, RBI will also seek social media analysis monitoring tool to detect digital payment fraud and disruption.

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 get Rs 20 lakh.

Month: Current Affairs - November, 2021