In a move aimed at enhancing the safety, security, and inclusivity of India’s financial ecosystem, the Reserve Bank of India (RBI) Governor Shaktikanta Das announced the launch of the third edition of the RBI’s global hackathon, “HaRBInger 2024 – Innovation for Transformation.” The announcement was made by the Governor during his MPC statement today.
The Apex Bank has been encouraging innovation in identified focus areas through its annual hackathons.
Governor Das emphasised the importance of leveraging technology to combat financial fraud and widen the reach of financial services.
“Solutions aimed at enhancing the safety and security of digital transactions with a focus on detecting, preventing, and combating financial frauds, as well as prioritizing inclusivity for persons with physical disabilities, will be invited as part of HaRBInger 2024. Further details in this regard shall be released shortly,” Governor Das stated.
Recap of HaRBInger 2023
The second global hackathon, “HARBINGER 2023 – Innovation for Transformation”, launched on February 14, 2023, focused on ‘Inclusive Digital Services’. Participants were invited to develop solutions to:
- Make digital financial services accessible to the differently abled (Divyang).
- Facilitate efficient compliance for Regulated Entities (REs) through RegTech solutions.
- Explore use cases for Central Bank Digital Currencies (CBDC) in retail, including offline transactions.
- Enhance blockchain scalability and increase Transactions Per Second (TPS).
Recap of HaRBInger 2021The inaugural hackathon, “HARBINGER 2021 – Innovation for Transformation”, centered on ‘Smarter Digital Payments’. It called for innovative solutions to:
- Convert small ticket cash transactions to digital through non-mobile payment solutions.
- Create context-based retail payments that eliminate the physical act of payment.
- Develop alternative authentication mechanisms for digital payments.
- Develop a Social Media Analysis Monitoring tool for detecting digital payment fraud and disruptions
