Bengaluru: The Grand Finale of FinShield Hackathon 2025 organised by Bank of India in collaboration with IIT Hyderabad as part of PSBs Hackathon Series 2025, was concluded at the Head office of BOI. Mumbai. Shri M Nagaraju, Secretary DFS, Govt of India, Sh. Manoj Ayappan, Jt. Secretary, Govt of India & Nominee Director on BOI Board, Sh. Rajneesh Karnatak, MD & CEO, Sh. Shoban, Asst Prof. & in charge Centre of Excellence for FinTech IIT Hyderabad, All the Executive Directors of Bank of India and Senior Management and staff of BOI have attended this function.
PSBs Hackathon Series:
The PSBs Hackathon Series 2025 is an initiative by the Department of Financial Services (DFS) (Ministry of Finance)/Indian Bank Association (IBA) to encourage innovation in FinTech and Cybersecurity within the public sector banks. These Hackathons are aimed to foster collaboration between students, startups, and professionals to develop solutions for the banking sector and drive innovation in FinTech and Cybersecurity.
FinShield Hackathon of BOI:
The Bank has identified two problem statements and invited presentations / possible solutions from students across India. There was tremendous response from the students across all parts of country. Out of the total 661 applications received, a total of 72 teams were shortlisted. These 72 teams have presented their solutions. Out of them 18 teams were selected for the final. Eminent juries consisting of industry leaders have selected the top three teams for each of the problem statements with a prize money of ₹5.00 lakhs, ₹3.00 lakhs, and ₹2.00 lakhs and a special jury prize of ₹.1.00 lakh in each of the category.
1. Credit Risk Management Model using alternative data for probability of default, search, and tracking of defaulters – 1st Prize – Doom n Gloom, 2nd Prize – ActionKamen, 3rd Prize – FINCLUSION and Special Jury award – SQUIRTLE
2. Detection of impersonated registrations/frauds in mobile & internet banking with behaviour-based user authentication and password-less login solutions. 1st Prize – Jigyasa, 2nd Prize – Vajra, 3rd Prize – Team Kavach and Special Jury award – Mnemonics
In his welcome address, Executive Director of BOI Shri Rajiv Mishra appraised the DFS secretary about the proactive initiatives ( reach of 2.7 cores reach through social media ) BOI has taken in ensuring record participation by students from various IITs, III-Ts and other Engineering Colleges across the country with equal participation from both girls and boys. He was happy to inform that one of the winners is also selected by IBA for presentation in the Global Fintech Festival on behalf of all the Banks.
In his address, Shri Rajneesh Karnatak has outlined various technological and digital initiatives taken by BOI in its pursuit of becoming a fully tech enabled bank and to be future ready. He has briefed the Secretary about the Star Aditya, Star NexTech, Star Udaan and StarLight initiatives of the Bank in the field of Data Analytics, Digital Transformation, Resource Mobilistaion and HR transformation the Bank has embarked upon. He has further informed that the Bank has robust systems duly guarded by effective security measures.
Winners from both the problem statements have showcased their solutions. After the presentation, DFS Secretary, Shri Nagaraju, Sh. Manoj Ayappan and Shri Karnatak gave trophies to the winners.