The Reserve Bank of India (RBI) has announced the launch of its third global hackathon, “HaRBInger 2024 – Innovation for Transformation.” This event invites participants from around the world to develop innovative solutions using cutting-edge technology under two themes: “Zero Financial Frauds” and “Being Divyang Friendly,” across four problem statements.
Zero Financial Frauds
Participants are challenged to create solutions that can predict, detect, and prevent financial frauds in real time. This includes using alternative data sources, such as publicly available information, to enhance fraud detection mechanisms. Another significant problem statement under this theme is ensuring transaction anonymity in token-based Central Bank Digital Currency (CBDC) transactions while maintaining the integrity of the financial system. Additionally, participants will work on identifying mule bank accounts and payment wallets used in fraudulent activities.
Being Divyang Friendly
Under this theme, the focus is on inclusivity, specifically for individuals with disabilities. One of the key problem statements is developing technology that can accurately identify banknotes for visually impaired individuals. This theme underscores the RBI’s commitment to making the financial system accessible to all, ensuring that no one is left behind in the digital transformation of financial services.
Mentorship and Prizes
HaRBInger 2024 offers participants the opportunity to be mentored by industry experts and showcase their innovative solutions before an esteemed jury. The hackathon features attractive prizes, with Rs. 40 lakh awarded to the winner in each problem statement category. Additionally, there is a special prize of Rs. 20 lakh for the best all-woman team, promoting gender diversity in tech innovation. Each team shortlisted for solution development will also receive a stipend of Rs. 5 lakh to cover prototype development costs.
Registration and how to apply
Registration and submission of the proposal for HaRBInger 2024 began on June 07 and will end on July 19. 2024. 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.
- In order to apply for the event, 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. Fill in the responses for all the proposal questions.
- You may apply for more than one problem statement if you fulfill all the criteria set out in each category.
- HaRBInger 2024 will 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.