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RBI announced HaRBInger 2024: Third Global Hackathon
The Reserve Bank of India has recently announced the launch of HaRBInger 2024 – Innovation for Transformation, third global hackathon after successful completion of last two global hackathons.
Problem statements:
“Social Media Analysis Monitoring tool for detection of digital payment fraud and disruption” was one of the problem statements of the first edition of HaRBInger global hackathon.
The second edition consisted of “Innovative, easy-to-use, digital banking services for differently abled (Divyang)” problem statement.
In this third edition there are four problem statements……
- 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
- Accurately identifying banknotes by visually impaired
Themes:
There are two themes decided by the RBI revolving around the above-mentioned four problem statements of the third edition of HaRBInger global hackathon. These two themes are…..
- Zero Financial Frauds
- Being Divyang Friendly
Prizes:
Registration and submission of proposals have been started from 7th June 2024 to 19th July 2024.
Winners will be conferred with the monetary prize of 40 lakh in each problem statement.
The best all woman team will be conferred with the special prize of 20 lakh.
Selected team for Solution Development for meeting the cost of development of a prototype will be conferred with stipend of 5 lakh.
Conclusion:
Participants include fintech companies, developers, data scientists, and startups, who compete to present their ideas and solutions. The hackathon typically involves several stages, including idea submission, prototyping, and final presentations, with winners receiving prizes and potential opportunities to collaborate with the RBI.
Important Questions:
- What are the two themes of the third edition of HaRBInger global hackathon?
- What are the problem statements of the third edition of HaRBInger global hackathon?
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