RBI announces results of 1st Global Hackathon “HARBINGER 2021”

Highlights:

• The Reserve Bank of India had launched its first global hackathon - “HARBINGER 2021 - Innovation for Transformation”.

• The hackathon received encouraging response with 363 proposals submitted by teams from within India and from 22 other countries including the USA, UK, Sweden, Singapore, Philippines, and Israel.
• The Hackathon ran in three phases with shortlisting of proposals in the first phase, solution development in the second phase followed by the final evaluation in the third phase.
• The third phase of final evaluation was held on May 26-27, 2022 in Bengaluru wherein 24 finalist teams presented their solutions for the problem statements to the jury of external experts who evaluated and selected the winners and runners-up based on parameters like innovation, technology, demonstration, user experience, security, ease of implementation.

• These innovative products are expected to bring additional benefits in the payments ecosystem viz. inclusion of the underprivileged through non-mobile payment solutions and prevention of digital payment frauds through smart-secure alternate authentication methods as well as timely analysis of social media posts.