India’s central Bank the Reserve Bank Of India has announced two contests to promote Innovations and ideas in the payment and settlement systems.
India’s central Bank the Reserve Bank of India on 30th of September announced two contests to promote innovations and ideas in the payment and settlement systems.
RBI in a statement said, with a view to providing a platform to encourage, recognise and promote innovations and ideas in the payment and settlement systems arena, the Reserve Bank of India will organise the following contests:
(i) ‘Payment and Settlement Systems Innovation Contest’ for individuals, groups, entrepreneurs, companies, start-ups and similar entities;
(ii) ‘Payment and Settlement Systems Innovative Ideas Competition’ for students of recognised institutions at the undergraduate or above levels.
The broad areas of innovation considered for the contest / competition illustratively are –
| Offline payments | Automated online dispute redressal systems | Safety and Security in payment systems |
| Payment options for feature phone users | Simple and easy Know Your Customer (KYC) | Payment systems data analytics |
| Cross border remittances | Next-gen payment modes | Instrument-less payment systems |
| Innovative confirmation modes for payment transactions | Automated payment processing | Innovative settlement modes |
Shortlisted participants will get an opportunity to present their ideas before a jury of eminent persons while outstanding innovators will be awarded prizes and citations.
The contest will be organised through Institute for Development and Research in banking technology (IDRBT), Hyderabad.
While individuals, groups, entrepreneurs, companies, start-ups and similar entities can participate in ‘Payment and Settlement Systems Innovation Contest’, students at the undergraduate or above levels can participate in ‘Payment and Settlement Systems Innovative Ideas Competition’.
For details: https://www.idrbt.ac.in/cfp_psic.html.
