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Second edition of the PSB
Hackathon Series brought together young talent and the banking ecosystem to
develop technology-led solutions against digital financial fraud
Mumbai: State Bank of India (SBI), the
country’s largest bank, in collaboration with the Indian Institute of
Technology Jodhpur (IIT Jodhpur), successfully concluded the second edition of “FINNOVATION”
— the PSB Hackathon Series 2026 with a grand felicitation ceremony in
Gurugram.
The PSB
Hackathon Series is an initiative of the Department of Financial Services
(DFS), coordinated with the Indian Banks’ Association (IBA), which is aimed at
nurturing a culture of innovation among young minds and encouraging them to
develop practical, technology-driven solutions to contemporary challenges in
the domains of FinTech and cybersecurity.
This year,
SBI hosted the hackathon at the IIT Jodhpur campus around the problem
statement, “Fake Mobile Apps Distributed via SMS and WhatsApp, Causing
Phishing and Financial Fraud.” Over a period of more than two months,
participating teams worked intensively to develop innovative solutions and
related prototypes for building practical solutions for challenges arising on
the digital and cybersecurity front. The initiative brought together the
creativity and technological capabilities of young innovators with the
practical requirements of the banking and financial ecosystem.
The winners
were felicitated by Shri Debasish Prusty, Additional Secretary, Department
of Financial Services (DFS); Shri Rama Mohan Rao Amara, Managing Director
(Retail Business & Operations), SBI; Shri Atul Kumar Goel, Indian Banks’
Association; and Dr Ankita Sharma, Dean of Student Affairs, IIT Jodhpur, in
the presence of other distinguished guests and dignitaries on August 19, 2026.
Speaking as
Chief Guest, Shri Debasish Prusty, Additional Secretary, DFS, commended
SBI and IIT Jodhpur for institutionalising the hackathon. "The idea was
simple — that the energy of our youth should be channelled directly into
strengthening our financial ecosystem. Today, I can say this idea has come to
fruition," he said, calling the SBI’s partnership with IIT "exactly
the model the Department wants every public sector bank across the country to
replicate."
Speaking on
the occasion, Shri Rama Mohan Rao Amara, Managing Director (Retail Business
& Operations), SBI, appreciated the initiative to promote innovation and
entrepreneurship at a young age. "I want to thank the DFS for envisioning
this hackathon series as a national movement across all public sector banks,
and the IBA for coordinating it so effectively," he said, adding that the
winning teams carry forward "not just a prize, but the confidence of an
entire banking system that is watching, learning and rooting for them."
The
successful conclusion of FINNOVATION 2026 reinforces the role of platforms such
as the PSB Hackathon Series in connecting young talent with real-world
challenges facing India’s financial ecosystem. By creating opportunities for
students and innovators to work on contemporary issues in FinTech and
cybersecurity, the initiative seeks to transform promising ideas into
meaningful solutions while fostering a stronger culture of innovation across
the country’s banking ecosystem.
With the
second edition of FINNOVATION, SBI continues to strengthen the bridge between
industry and academia, harnessing the technological capabilities of India’s
youth and encouraging the development of technology-led solutions for a safer,
stronger and more future-ready financial ecosystem.