Mumbai, June 7 : The Reserve Bank of India (RBI) on Friday launched its third global hackathon - 'HaRBInger 2024 - Innovation for Transformation'. The Hackathon invites participants to develop solutions using technology and innovative approaches under the following themes and problem statements.

Theme 1: "Zero Financial Frauds"

*Real time prediction, detection and prevention of fraud 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.

Theme 2: "Being Divyang Friendly"

*Accurately identifying banknotes by visually impaired persons.

The RBI said being part of HaRBInger 2024 will give an opportunity to the participants to get mentored by industry experts and exhibit their innovative solutions before an eminent jury and "win exciting prizes under each problem statement".

According to an RBI statement, the winner across each problem statement will get Rs 40 lakh as a prize.

There will be a special prize of Rs 20 lakh for the best 'all woman team' (a team comprising only women members), across all the four problem statements.

The RBI will also award a stipend of Rs 5 lakh per team shortlisted for solution development for meeting the cost of development of prototype.

Registration for HaRBInger 2024 starts from June 7, 2024.

More details about the event are available on the RBI website.

/IANS