HARBINGER 2021 – Innovation for Transformation

Current Context: The Reserve Bank of India launched ‘HARBINGER 2021 – Innovation for Transformation’ which is the first global hackathon.

• The theme of the hackathon: ‘Smarter Digital Payments’.
• Under the hackathon, the participants are invited to identify and develop solutions to enhance access to digital payments to the under-served communities.
• It aims to enhance ease of payments and user experience in digital payment methodology.
• It will also strengthen the security of digital payments and promote customer protection.
• The hackathon is based on the invention of ideas for problems being faced in the payment and settlement systems landscape like:
• (a) Innovative, easy-to-use, non-mobile digital payment solutions to convert small-ticket cash transactions to digital mode. 
• (b) Context-based retail payments to remove the physical act of payment. 
• (c) The alternate authentication mechanism for digital payments. 
• (d) Social Media Analysis Monitoring tool for detection of digital payment fraud and disruption.
• The winner of the hackathon will be given a cash price of Rs 40 lakh and the runner-up will be given a cash price of Rs 20 lakh.
• Static Part: 
• HQ of RBI: Mumbai

Question: 

Q.1 What is the theme of ‘HARBINGER 2021 – Innovation for Transformation’, the first global hackathon launched by RBI?

a. Trust the Digital Payment Transactions
b. Safe and Secure Digital Payment
c. Promote Digital Payment Transactions
d. Smarter Digital Payments