Canara Bank Hosts National Hackathon Finale to Drive Innovation in Banking Sector
The prestigious event was graced by Chief Guest A.K. Goel, Chief Executive of IBA
In a major step towards fostering digital innovation and cybersecurity in the banking sector, Canara Bank, under the guidance of the Department of Financial Services (DFS) and the Indian Banks’ Association (IBA), successfully hosted the Grand Finale of the National Cyber Hackathon at the A.V. Rama Rao Auditorium, Indian Institute of Science (IISc) Campus, Bengaluru.
This nationwide initiative, involving participation from all Public Sector Banks (PSBs), focused on two contemporary challenges:
- “Strengthening Mobile Banking Security using Behavioural Science”, and
- “Securing Customer PII Data at Vendor Environments.”
These themes were designed to address critical priorities in enhancing the resilience of India’s digital banking infrastructure and the protection of customer data.
The prestigious event was graced by A.K. Goel, Chief Executive, IBA, along with K. Sathyanarayana Raju, Managing Director & CEO, Canara Bank, Hardeep Singh Ahluwalia and Bhavendra Kumar, Executive Directors, Canara Bank, Sailaja Rani, General Manager, Reserve Bank of India, and Capt. Sridhar Warrier, Registrar, IISc, among other distinguished dignitaries.
The Hackathon drew an enthusiastic response from across the nation, with 4,723 teams comprising 6,824 students registering for the competition. Following a rigorous evaluation process, 10 teams involving 39 students advanced to the Grand Finale.
In a compelling display of innovation and technical prowess:
- Team Finavat from Dr. A.P.J. Abdul Kalam Technical University, Lucknow, clinched the 1st Prize of ₹5 lakh.
- Team Pindrop from Vishwakarma Institute of Technology, Pune, secured the 2nd Prize of ₹3 lakh.
- Team Jigyasa from the Indian Institute of Information Technology, Kottayam, bagged the 3rd Prize of ₹2 lakh.
- Two other teams were awarded consolation prizes of ₹50,000 each.
In a commendable gesture, Canara Bank’s MD & CEO, K. Sathyanarayana Raju, announced an additional ₹25,000 each to the remaining five finalist teams in recognition of their innovative efforts and dedication. The total prize pool stood at ₹12.25 lakh.
Speaking at the event, A.K. Goel of IBA remarked, “This Hackathon reflects the power of young minds in solving real-world banking challenges. Their innovations signal a strong future for secure and customer-centric digital banking.”
K. Sathyanarayana Raju, MD & CEO of Canara Bank, stated, “Canara Bank is proud to lead this initiative that fosters innovation and cybersecurity. This aligns with our commitment to the Digital India mission and the development of a robust financial ecosystem.”
Executive Director Hardeep Singh Ahluwalia noted, “Events like this bridge the gap between emerging talent and cutting-edge technology in the banking sector.”
Executive Director Bhavendra Kumar added, “This Hackathon highlights how collaboration and innovation can drive impactful digital solutions.”
J. Sailaja Rani, General Manager, RBI, commended the smooth execution of the event and congratulated all participants.
Capt. Sridhar Warrier, Registrar, IISc, expressed his delight in being part of the initiative and lauded Canara Bank’s efforts in promoting innovation at such a large scale.
