RBI announces contests to promote innovations, ideas in payment

Reserve Bank of India has announced two contests to promote innovations and ideas in the payment and settlement systems.

 

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’.

 

The submissions can be made under the categories of Offline payments, Payment options for feature phone users, Simple and easy Know Your Customer, Automated online dispute redressal systems, Cross border remittances and Safety and security in payment systems among others.