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RBI launches first worldwide hackathon named HaRBInger, winner to receive Rs 40 lakhs; Details inside

The RBI's inaugural worldwide hackathon, with the motto "Innovation for Transformation," has a topic of "Smarter Digital Payments." 

RBI launches first worldwide hackathon named HaRBInger winner to receive Rs 40 lakhs Details inside gcw
New Delhi, First Published Nov 20, 2021, 2:12 PM IST
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The Reserve Bank of India, the country's banking regulator, has launched the first worldwide hackathon, HaRBInger 2021, to solve problems with India's expanding digital payment systems. The RBI's inaugural worldwide hackathon, with the motto "Innovation for Transformation," has a topic of "Smarter Digital Payments." The four key issues that the competition attempts to answer, according to the RBI, are creative and low-cost non-mobile digital payment solutions. It aspires to integrate the underserved into the digital payment ecosystem using context-based digital payments that do not need a direct act of payment. The challenge's goal is to discover alternative, more secure and encrypted payment authentication methods and identify digital payment fraud and disruption through social media monitoring.

If you have a creative proposal that can assist the RBI in solving one of these challenges and transforming the digital payment ecosystem, you may register for the event on the event's website. The registration period started on November 15, and the deadline for registering and submitting proposals is December 15. Are you interested? You can apply at:

Along with the suggestion, participants would be required to answer a few questions on the website. On January 31, 2022, experts will study and analyse the ideas to identify finalists. Finalists will then be required to develop and submit their selected concepts by February 28. Anyone over 18 is eligible to apply, either individually or as part of a team.
The criteria for evaluating submissions will be "uniqueness of the offer and viability of the business model," as well as the plan's capacity to accomplish the desired goals. A single individual or team can submit multiple submissions in all categories.

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The RBI will reveal the hackathon winners on April 1. The first-place team will receive Rs 40 lakh, while the runner-up team will receive Rs 20 lakh. People worldwide can participate in the hackathon because it is worldwide, as long as they are willing to create fintech incorporation in India. The regulator will assist in the development of the finalised proposals by the needs of the teams.

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