Payment and Settlement Systems Innovative Ideas Competition
In order to encourage innovations in the area of Payment and Settlement Systems, the Reserve Bank of India has announced “Payment and Settlement Systems Innovative Ideas Competition” for students.
The competition will be conducted by the Institute for Development and Research in Banking Technology (IDRBT). The IDRBT is a premier institution established by the Reserve Bank of India. The Institute works at the intersection of Banking and Technology, focusing on research and development, which is useful for the Indian Banking and Financial Sector.
Areas of Innovation & Eligibility
Students currently pursuing regular courses at the undergraduate or above levels in recognized institutions in India are invited to participate in the “Payment and Settlement Systems Innovative Ideas Competition” and present their innovative ideas aimed at facilitating end-users, banks, payment service providers and other financial sector participants, to revolutionize the payment and settlement systems of the country.
The area of innovation should reflect its relevance to Payment and Settlement Systems. An indicative list of areas is as under:
- Offline payments
- Payment options for feature phone users
- Cross border remittances
- Innovative confirmation modes for payment transactions
- Automated online dispute redressal system
- Simple and easy Know Your Customer (KYC)
- Next-gen payment modes
- Automated payment processing
- Safety and security in payment systems
- Payment systems data analytics
- Instrument less payment systems
- Innovative settlement modes
Stage 1: Submission of Proposals
A student / group of upto three students from an educational institution need/s to submit their proposals in the prescribed format for the Payment and Settlement Systems Innovative Ideas Competition. Registration fee per proposal is Rs. 590/- (inclusive of GST of 18%).
A student / group of students from an educational institution can submit more than one proposal, but not more than three. The last date for submission of final proposals, duly approved by the Principal / Head of the educational institution is NOVEMBER 08, 2019.
The proposal / idea should be original and not in use anywhere else in the world. IDRBT and / or RBI reserve the right to retain and / or use the idea for the benefit of the country at large.
Stage 2: The Competition
The selected students may be called upon to present their proposed ideas in the Payment and Settlement Systems Innovative Ideas Competition. The exact dates of the competition would be announced by early November 2019.
Students stationed outside Hyderabad / Secunderabad will be reimbursed Second AC train fare for their travel to and from Hyderabad. The ideas will be judged by an eminent jury.
Awards for the Best Innovations
Attractive cash prizes and citations will be awarded to the best-judged innovations.
Submission Instructions
- No more than three innovative ideas may be submitted by the same team.
- For each registration, only one submission is allowed.
- Submissions not adhering to the prescribed format (given below) risk rejection without a review.
- Please keep the following information ready before proceeding to register: Submission title, team name and contact details of the corresponding team member, primary area of innovative ideas.
- Upon successful registration, a registration ID (URN) will be generated that MUST be used for submission as well as all the future correspondence.
- Each submission should be a single PDF file containing the SUMMARY PAGE, followed by the DETAILED SUBMISSION.
- Each submission should follow the order of the information / sections given in the prescribed format.
- The maximum submission file size is limited to 3 MB.
- You are solely responsible for the correctness of the information provided. The organizers are not responsible for errors made by you (if any).
Submission Process
- Participants need to first register themselves. (Register here)
- Please select the category as Student. Individual and Others categories are NOT applicable for the Payment & Settlement Systems Innovative Ideas Competition.
- After successful registration, a pdf of the receipt will be generated which should be saved. This pdf should be sent along with the submission pdf at the time of submission.
- Submit your innovations by sending email to iicps@idrbt.ac.in along with the submission pdf and the receipt pdf. The subject for correspondence should start with “<registration ID (URN)> <Category>”.
Submission Format
Summary Page (Must not exceed one page)
The first page of the submission must contain the following information in the specified order only:
| Submission Title | Max 80 Characters |
| Team Name | Max 80 Characters |
| Team Members & Affiliations | |
|---|---|
| Member-1 Name | |
| Member-1 Affiliation | |
| Member-1 Affiliation | Optional |
| Member-2 Affiliation | Optional |
| Member-3 Name | Optional |
| Member-3 Affiliation | Optional |
| Primary Contact Details | |
| Phone | |
| Primary Area (one of the 12 areas from advertisements) | |
| Registration ID (URN) (from registration and payments portal) | |
| Executive Summary | No more than 150 words |
Detailed Sumbission – Must not exceed 10 pages (including images and tables)
| Problem being addressed | No more than 150 words |
| Background information | No more than 600 words |
| Solution description | No more than 1200 words |
| No more than 1200 words | No more than 250 words |
| Expected impact towards solving the problem | No more than 100 words |
Link to demo video / executable with clear usage instructions (wherever available)
Contact
In case of queries, please write to iicps@idrbt.ac.in or call 040-23294319.