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.”
FinTech BizNews Service
Mumbai, August 25, 2026: 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.
Debasish Prusty, Additional Secretary, DFS
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.
