HaRBInger 2024

Innovation for Transformation

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#harbinger2024 #rbi #hackathon

Be a part of HaRBInger 2024
  • Registration Starts

  • Proposal Submission Ends

  • Screening & Shortlisting

  • Solution Submission Ends

  • Announcement of Winners

All timings are as per (GMT +5:30) Bombay, Calcutta, Madras, New Delhi
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About Us

Let's unlock your potential, translate ideas into impactful solutions.

Following the resounding success of its previous global hackathons, the Reserve Bank of India proudly presents the third edition of 'HaRBInger 2024 - Innovation for Transformation.' With the overarching themes of 'Zero Financial Frauds' and 'Being Divyang Friendly,' this hackathon calls upon the brightest minds worldwide to craft solutions for four targeted problem statements, aimed at combating financial fraud and enhancing inclusivity.

The solutions should enhance safety and security of digital transactions with focus on detecting, preventing and combating financial frauds and also prioritise inclusivity for the visually impaired, thereby fostering security, integrity, transparency, and trust within the financial system.

Wish to learn more: Click on: https://fintech.rbi.org.in/FT_HaRBInger_2024
New website : https://website.rbi.org.in/web/rbi/fintech/harbinger

Problem statements

1. Real time prediction, detection and prevention of frauds in financial transactions using alternate sources of data including publicly available information.
2. Ensuring transaction anonymity in token-based (CBDC) transactions while maintaining financial system integrity.
3. Identifying mule bank accounts/ payment wallets.

4. Accurately identifying banknotes by visually impaired.

Problem Statement 1

Real time prediction, detection and prevention of frauds in financial transactions using alternate sources of data including publicly available information.

The rise of real-time payments has led to an increase in social engineering frauds, where fraudsters deceive victims into sending money to fraudulent accounts. Given the rapid settlement of these transactions, retrieving the transferred funds presents a formidable challenge. Furthermore, traditional data sources, such as credit reports and transaction history, while valuable, offer a limited perspective on consumer behaviour. Immediate intervention is crucial to prevent such frauds and minimize financial losses. Prompt detection and reporting of fraudulent transactions are essential, as any delay significantly diminishes the chances of fund recovery. Additionally, leveraging alternate data sources provides a more sophisticated approach to identifying and mitigating fraudulent activities, offering deeper insights into users' behaviour, lifestyle, and financial strength.
Participants are encouraged to develop solutions which may in real-time, help in detection and prevention of frauds using AI/ML, API, Data Analytics and other cutting edge technologies. These systems should not only accurately identify fraudulent activities but also minimise false positives, using various data sources such as behavioural, biometric and social media data, quickly report and prevent further frauds, thus enhancing recovery prospects. Furthermore, participants are encouraged to utilize novel technologies to gather alternate data sources, enabling innovative use of information available in public domain to predict fraudulent transactions and identify potential red flags overlooked by traditional data sources.

Problem Statement 2

Ensuring transaction anonymity in token-based (CBDC) transactions while maintaining financial system integrity.

In addition to ensuring safety and security of digital transactions, it is also imperative to safeguard the privacy of users to instil public trust in the system. In this regard, there is a need to follow a cautious approach to ensure balance between establishing the identity of user while at the same time preventing erosion of privacy, especially with regard to transaction details. Participants are invited to develop new technology solutions that offer robust privacy of digital tokens like CBDCs without compromising on the transaction validation mechanism, system integrity, fraud mitigation measures and reporting requirements. Solutions may employ innovative ways of safeguarding anonymity and may also include features that allow anonymity within a threshold. Beyond the threshold, the solution should facilitate compliance to applicable AML/ CFT guidelines.  Solutions should necessarily cater to the use case of digital tokens being issued within the regulated framework of India.

Problem Statement 3

Identifying mule bank accounts/ payment wallets.

Mule accounts are often utilised for illicit activities such as money laundering and fraud. In cases of cyber fraud, the stolen money is frequently routed through multiple accounts before being withdrawn. The victims are duped by fraudsters into laundering stolen/illegal money via their bank account and they are unknowingly complicit in criminal activity. They also suffer financial losses if their bank accounts are closed or frozen. It is challenging for law enforcement agencies and banks/ payment system operators to take prompt action and trace various hops of transactions. Solutions may be developed using the emerging technologies for identifying the mule accounts which may trace the transaction chain and raise alerts so that funds can be blocked/ recovered, if required. The solution may also analyse transaction patterns, detect suspicious activities associated with mule accounts, identify anomalies in transaction behaviour and flag potential cases of money laundering or fraud for further investigation.

Problem Statement 4

Accurately identifying banknotes by visually impaired.

Identifying currency notes can be a significant challenge for individuals with visual impairments. The aim is to solicit and build technological solutions to assist fully or partially visually impaired persons in accurately identifying and differentiating between various denominations of Indian banknotes in circulation, for their enhanced inclusivity into the financial landscape. Participants are expected to design and develop innovative accessible, secure, cost-effective, user friendly, and adaptable devices / solutions that utilize technologies such as computer vision, machine learning, optical character recognition (OCR), haptics, or wearable devices etc. for the purpose. The solutions should be an improvement over existing features available in the market and empower visually impaired individuals to independently identify and manage currency notes in their daily lives. It may be noted that proposals for change in any design or security features (visible or invisible) of the banknotes will, however, not be accepted.

Grab Exciting prizes

'Your Chance to Win Starts Here'

Win exciting prizes under each problem statement.

INR 40,00,000 to be awarded to the winner in each of the Problem Statement Categories.
Special prize of INR 20,00,000 to the best all woman team (a team comprising of only woman members), across all the four problem statements.

Stipend of INR 5,00,000 per team to those shortlisted for solution development phase.


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.
Participants from all backgrounds and geographies are welcome, albeit knowledge about the Indian financial services market and consumers is preferred.


Who can apply?

Anyone - Individuals (eighteen years and above) and enterprises (including startups) from all geographies are welcome to apply under this global challenge. It is especially suited for enterprises (including startups) with ready solutions that can be piloted with limited additional development and integration efforts.

How many problem statements can I apply for?

You may apply for more than one category if you fulfil all the criteria set out in each category.

Does my solution need to focus exclusively on one problem statement?

No, your solution can aim to address the needs covered by more than one problem statement. We are looking at the uniqueness of the proposition and feasibility of the business model alongside to achieve the desired goal.

Can I submit multiple entries?

You are not allowed to submit multiple entries under same problem statement. However you may submit entries under different problem statements.

What is the format of the event?

Applications will be received only through APIX platform. The Hackathon shall run in four phases with Screening of entries in the first phase, Shortlisting of entries for Solution Development in the second phase, Solution Development in Third Phase and Evaluation and Selection of winners in the Fourth Phase. RBI will shortlist the most promising ideas for the second phase wherein the participants will have to submit the working solution/running code/prototype, on APIX platform. Wherever needed, these solutions may be provided with mentoring, technical and regulatory support so that demo-able products can be created. The winners will be selected from the shortlisted products based on the product pitch and demo towards the end of the program.

Do I need to be a registered company to apply?

You need not be a registered firm for participation in the event.

Do I need to submit a solution after being shortlisted?

Yes, the shortlisted entities need to submit a working solution which would be evaluated to decide the winners.

How will the prize be disbursed?

The prize will be disbursed in Indian Rupees (₹) to the winners as per Reserve Bank of India policies and will be subject to tax deductions as applicable in India.

Will the information shared be kept confidential?

Information provided to us through the online application will be shared only on a need-to-know basis within the relevant event and evaluation teams. The information provided will be retained by us post the program for audit purposes and will not be shared without obtaining explicit permission from the applicant / authorized team member.

Can I request for re-evaluation in case I am not satisfied with the Judges' decision?

No. Applicants cannot request for re-evaluation. The decision of the judges shall be final and binding. Reserve Bank of India reserves all rights with respect to the event.

Are the participants allowed to leverage their own Integrated Development Environments (IDEs)?

The participants can choose to develop the solution via APIX or use their own IDEs. But if they are using their own IDEs then they will have to bring the code, compile it, run it on APIX, and present the running code before the judges for evaluation.


For HaRBInger 2024 related queries, please reach out to

For technical queries during registration or proposal submission process, please reach out to