The Reserve Bank of India (RBI) is organizing its third global hackathon, ‘HaRBInger 2024 – Innovation for Transformation’.
Building on the success of its previous two editions, this year’s hackathon invites participants from across the globe to tackle pressing challenges in the financial sector with cutting-edge technological solutions.
HaRBInger 2024 focuses on two critical themes: “Zero Financial Frauds” and “Being Divyang Friendly,” each with a set of problem statements aimed at fostering innovation and enhancing the integrity and inclusivity of the financial system.
Themes and Problem Statements
Theme 1: Zero Financial Frauds
- Real time prediction, detection and prevention of frauds in financial transactions using alternate sources of data including publicly available information.
- Ensuring transaction anonymity in token-based (CBDC) transactions while maintaining financial system integrity.
- Identifying mule bank accounts/ payment wallets.
Theme 2: Being Divyang Friendly
- Accurately identifying banknotes by visually impaired.
Who Can Apply?
The hackathon is open to individuals, teams, and entities from around the globe who are at least eighteen years old and capable of entering into a contractual agreement.
While a deep understanding of the Indian financial market is preferred, participants from diverse backgrounds and geographies are encouraged to apply.
How to Participate
Interested participants must register and submit their proposals through the APIX platform by clicking here.
The registration and proposal submission period runs from June 7, 2024 to July 19, 2024.
Prizes and Incentives
Participants in HaRBInger 2024 will have the opportunity to be mentored by industry experts, showcase their innovative solutions before an eminent jury, and win exciting prizes under each problem statement.
Prizes and Stipends:
| Sl. No. | Category | Amount |
|---|---|---|
| I. | Winner across each problem statement | INR 40 lakh |
| II. | Special prize for the best all-women team (a team comprising only of women) across all problem statements | INR 20 lakh |
| III. | Stipend per shortlisted team for solution development to cover prototype development costs | INR 5 lakh |
Rising Online Frauds
This initiative is particularly timely, as recent RBI data indicates a 334% year-on-year increase in online frauds, with cases rising to 29,082 in FY 2023-24 and the amount involved escalating to INR 1,457 Cr from INR 227 Cr in the previous year.
The RBI’s comprehensive strategy aims to mitigate the risks associated with digital financial transactions and aligns with recent collaborative efforts between the government, fintech startups, and law enforcement agencies to address digital financial fraud challenges.
Participation and Application
Applications for HaRBInger 2024 are now open. Interested individuals and teams are encouraged to apply and contribute their innovative solutions.
Participants will not only have the chance to win substantial prizes but also play a pivotal role in shaping a more secure and inclusive financial ecosystem.
For more details about the hackathon, or to visit the official RBI website.
