India’s central bank The Reserve Bank of India has invited applications for “Payment System Innovation Awards” to encourage innovative solutions in the field ofPayment and Settlement System.
- With this initiative, the RBI is hoping to transform the way transactions are processed in the world’s fastest growing emerging economy.
- The Institute for Development and Research in Banking Technology (IDRBT), which is the technology arm of the RBI, will organize the competition.
- Panels of experts will shortlist the most innovative applications, and the best three will be rewarded with citations/prizes. The winners may also be given a chance to present their ideas/ technologies to the industry representatives.
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