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Reserve Bank of India Third Global Hackathon – HaRBInger 2024

Reserve Bank of India Third Global Hackathon – HaRBInger 2024

Reserve Bank of India Third Global Hackathon – HaRBInger 2024

About Reserve Bank of India Third Global Hackathon – HaRBInger 2024

Introduction

A hackathon is an event organised to bring together people and entities for the development of innovative solutions for the existing challenges in specified areas through problem statements. The problem statements are worked upon by the participants who include, but not limited to, individuals, teams, entities from the hardware / software and coding community during the limited time-period of the hackathon. The modus operandi of a hackathon is a competitive event where the participants submit ideas, create solutions, exhibit the prototypes, and the solutions are judged by a panel to arrive at the winner/s of the hackathon. The solutions thus achieved are primarily technology driven innovative solutions which can be used or promoted by the organisers to refine the existing processes.

 

About HaRBInger 2024

 

With the successful completion of two editions of HaRBInger, it is time for the next edition of the RBI global hackathon – ‘HaRBInger 2024 – Innovation for Transformation’ with new themes and a new set of problem statements. India’s journey in FinTech underscores a commitment to responsible innovation, inclusivity, trust, and confidence in the digital finance landscape. The digitalisation of finance has transformed the payments landscape with near-instantaneous settlements, facilitating convenience and efficiency. Significant efforts continue on an ongoing basis to fortify the financial sector against fraudulent activities. Some of these include, fostering innovation for fraud mitigation by establishing dedicated cohorts in Regulatory Sandboxes for fraud detection, under which innovative products are tested, highlighting the risks of cyber threats through public awareness campaigns like “RBI Kehta Hai”, e-BAAT programmes, etc. One of the problem statements of the first edition of HaRBInger was “Social Media Analysis Monitoring tool for detection of digital payment fraud and disruption”. Entities also use fraud detection techniques to detect and curb various kinds of frauds. However, this journey has also seen increase in the potential for new types of fraud, with fraudsters deploying more sophisticated techniques to target customers. It is, therefore, crucial to address the challenges effectively and prevent fraudulent activities by promptly detecting suspicious behaviour and effectively countering fraudulent attempts.

 

 

Visually impaired people face challenges in availing financial services and remain one of the most vulnerable groups of society. Reserve Bank has prioritised inclusivity for the ‘Divyang’ in the realm of digital finance, mandating accessibility standards and promoting assistive technology development thereby fostering equal access to finance. Other initiatives in this regard include, “talking ATMs with Braille keypads” and “suitable infrastructure requirements specific to persons with disabilities in bank premises”. Further, one of the problem statements of the second edition of HaRBInger was “Innovative, easy-to-use, digital banking services for differently abled (Divyang)”. In order to make financial services “Divyang Friendly”, there is a need to foster inclusivity in design by leveraging technology.

 

 

To encourage innovation and new thinking in these areas, Reserve Bank of India is organising its third global hackathon – HaRBInger 2024 with two themes across four problem statements. HaRBInger 2024 invites your innovative ideas for the problem statements as detailed below:

 

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.

 

Where to Apply?

 

HaRBInger 2024 is owned and sponsored by RBI and is hosted on Application Programming Interface Exchange (APIX) platform. A participant may click on the following link to register for the hackathon and submit the proposal after the registration.

 

https://app.apixplatform.com/h1/harbinger2024

 

Applications will be received only through the online process. RBI will shortlist the most promising solutions for further stages of the HaRBInger 2024.

 

 

Who Can Apply?

 

All entities, teams or individuals (eighteen years and above) who are eligible to enter into a contractual agreement are eligible to apply. Further, the product/solution should have an element of innovation or novel application of technology serving common good.

 

Participants from all backgrounds and geographies are welcome, albeit knowledge about the Indian financial services market and consumers is preferred.

 

 

How to Apply?

 

 

Please click on the link for registration.

https://app.apixplatform.com/h1/harbinger2024

 

 

Once registered, select the problem statement, and submit your proposal on the platform. Please fill in the responses for all the proposal questions.

 

 

You may apply for more than one problem statement if you fulfil all the criteria set out in each category. Your solution can aim to address the needs covered by more than one problem statement. We are looking at the uniqueness of the proposition and feasibility of the business model alongside to achieve the desired goal.

 

 

Applications will be received only through the given link. HaRBInger 2024 shall run in four phases with Screening of entries (Phase I), Shortlisting of entries for Solution Development (Phase II), Solution Development (Phase III) and Evaluation and selection of winners (Phase IV). RBI will shortlist the most promising solutions for the finals. The shortlisted entities need to submit a working solution which would be evaluated to decide the winners. The winners will be selected based on certain evaluation criteria inter alia understanding of the problem, innovation, solution comprehensiveness, ease of implementation, demonstration/user experience, etc. during the finals.

 

 

Prizes:

 

 

*  Winners in each category of problem statements will get prize money of INR 40 lakh.

 

*  Special prize: INR 20 lakh to the best ‘all woman team’ (a team comprising of only woman members), across all the four problem statements.

 

*  Stipend: INR 5 lakh to teams shortlisted for Solution Development (Phase III) for meeting the cost of development of prototype.

 

 

Contact Us:

 

 

For HaRBInger 2024 related queries, please send mail to harbinger2024@rbi.org.in

 

For technical queries during registration or proposal submission process, please reach out to: support@apixplatform.com

 

Important Dates:

 

Registration & submission of the proposal Start : June 07, 2024 End : July 19, 2024

 

For more details please refer the Official Website

 

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