Financial technology startups in India are welcoming a contest to find financial technology solutions announced by the Reserve Bank of India (RBI), according to Business Standard, an Indian newspaper. The purpose of the competition is to develop technologies that reduce transaction costs, prevent financial fraud and develop India’s e-commerce infrastructure.
The bank’s Institute for Development and Research in Banking Technology (DRBT), which is organizing the contest, invites groups, individuals and startups to participate.
The contest will reward participants with a small cash prize and citations. It will also provide a chance to present ideas to industry representatives. A panel of financial experts will evaluate the entries.
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