Chennai, Feb 19th: Indian Overseas Bank (IOB) has signed a Memorandum of Understanding (MoU) with RMK Group of Institutions Thiruvallur to conduct a PAN-India Cybersecurity Hackathon, aimed at fostering innovation and technological advancement in the banking and financial sectors.
This initiative is in line with the broader vision of the Ministry of Finance, Department of Financial Services (DFS), Government of India and the Indian Banks’ Association (IBA) to promote entrepreneurship and digital transformation in banking across the country.
The Hackathon will focus on addressing critical problem statements in areas such as Financial Inclusion, Digital Banking, and Banking for Specially Abled People, encouraging students from various institutions nationwide to develop innovative prototype solutions for real-world challenges.
RMK Group of Institutions will serve as the anchor institution, providing academic support and facilitating student participation from across India.
The competition will span a few months, offering various participating college teams the opportunity to refine their ideas under the mentorship of academic experts. The event is expected to culminate in May 2026, with the selection of winning prototypes that demonstrate high potential for implementation and entrepreneurship, while also providing students with an opportunity to showcase their ideas on a major platform at the upcoming Global Fintech Festival 2026.
Speaking on the initiative, Shri. Ajay Kumar Srivastava, MD & CEO, Indian Overseas Bank, said: “At Indian Overseas Bank, we are committed to nurturing young talent and leveraging technology to create innovative banking solutions for the future. This Hackathon is a testament to our dedication to digital transformation and skill development in the fintech space.
Further the MOU will enrich collaboration between academia and the banking sector in driving innovation. He affirmed that such initiatives not only fortify the digital ecosystem but also enable students to make substantive contributions to the future of banking, thereby fostering a culture of technological advancement and inclusive growth.