The Reserve Bank of India has concluded the fourth edition of its global hackathon, HaRBInger 2025, using it as a platform to test solutions for key bottlenecks in digital banking systems.
After a rigorous three-phase evaluation process, 21 finalists developed functional prototypes over eight weeks. The hackathon focused on three critical problem statements: Tokenised KYC, Offline CBDC (e₹), and Enhancing Trust in financial transactions.
The winning solutions directly address operational gaps in India’s digital finance architecture. In the KYC category, EarthId’s ‘Sangrah’ creates reusable identity tokens that reduce repeated data sharing. In digital currency, Team A-SPARSH developed a system for peer-to-peer e₹ transfers using Bluetooth and NFC, enabling transactions without internet access. In financial inclusion, Bank of Baroda’s ‘NIDAAN’ platform enables grievance registration through Indian Sign Language and multilingual voice interfaces. This team was also awarded Best ‘all women team’.
Together, these solutions reflect a shift toward privacy-preserving identity systems, offline payment capability, and inclusive digital service delivery.
Key Winning Solutions
Tokenised KYC (Winner: EarthId, UK): A reusable layer called ‘Sangrah’ that converts verified attributes into tamper-proof tokens, reducing the need for repeated data disclosure.
Offline CBDC (Winner: Team A-SPARSH, Pune): Uses a Software-Defined Secure Element to prevent "double spending" during offline Bluetooth/NFC e₹ transfers.
Inclusive Accessibility (Winner: Team NIDAAN, BoB): An AI platform for grievance redressal supporting Indian Sign Language and voice chat for users with low digital literacy.
Decentralised Identity (Runner-up: IDfy): ‘Kavach’ allows users to store verified credentials on their own devices rather than a central database.
Terminal-Assisted CBDC (Runner-up: Bank of Baroda): A solution leveraging existing ATMs and POS machines to help citizens without personal smartphones use digital currency.
What is "Tokenised KYC"?
Tokenised KYC is a system where a user's identity details are verified once and then converted into a secure, digital "token" that can be shared with other banks or institutions without revealing the original documents again.
Instead of giving a copy of your Aadhaar or PAN card every time you open a new account, you simply provide a digital token that proves you are verified. This "reusable KYC" enhances privacy because the bank only sees the "proof" of verification, not your raw personal data, and it significantly speeds up the onboarding process for customers.
Policy Relevance
Strengthening Data Privacy: The shift toward Tokenised KYC and decentralised identity (storing data on devices rather than on-chain) aligns with India's Digital Personal Data Protection (DPDP) Act, minimising data exposure risks.
Financial Inclusion: By awarding the NIDAAN platform, the RBI is signalling a move toward "Universal Design" in banking, ensuring that digital tools are accessible to the elderly and Divyang populations.
Mitigating Digital Fraud: The FraudLens platform (Runner-up) demonstrates how real-time AI risk scoring can protect the banking ecosystem from evolving cyber-threats and sophisticated scams.
Fosters Global Fintech Hub Status: Participation from 15 countries reinforces India’s position as a premier destination for fintech experimentation and regulatory "sandboxing."
Relevant Question for Policy Stakeholders: As RBI tests offline digital rupee transactions, what safeguards are required to prevent fraud and double spending before scaling these solutions nationally?
Follow The Full News Here: RBI Results of the 4th Edition of HaRBInger