If you did this work, RBI will give 40 lakhs

MUMBAI: If you make digital payments and have the guts to spot and rectify it, you can win Rs 40 lakh. This is not a lottery but a reward for your talent and will be given by RBI. In fact, the Reserve Bank of India (RBI) is going to organize its first global hackathon with the aim of making digital payments more secure and convenient for the consumers.

Announcing this hackathon, RBI said that its theme has been to make digital payments more agile. The registration for this hackathon named Harbinger 2021 will start from 15th November. The central bank said that the participants of the hackathon will be asked to identify the issues related to making digital payments more secure along with making digital payments accessible to the underprivileged, simplifying and improving the payment experience. Solutions have to be offered.

“Being a part of ‘Harbinger 2021’ will give participants an opportunity to seek guidance from industry experts and showcase their innovative ideas,” RBI said in a statement. A jury will select the winners in each category. The first place winner will be given Rs 40 lakh while, the second place participant will get a reward of Rs 20 lakh.

Due to the uncertainties due to the COVID-19 pandemic, there has been an increase in the demand for currency notes i.e. cash not only in India but across the world. Official sources gave this information. Sources, however, dismissed the criticism that demonetisation had failed to reduce liquidity in the economy.

Government sources said the development of digital payment systems post-demonetisation would eventually curb dependence on cash. Official figures point to a boom in digital payments through various modes including plastic cards, net banking and Unified Payments Interface (UPI). The UPI system of the National Payments Corporation of India (NPCI) is fast emerging as a major mode of payment in the country. UPI was launched in 2016 and transactions through it are increasing month by month.

In October 2021, transactions in value terms stood at Rs 7.71 lakh crore or over $100 billion. A total of 421 crore transactions were done through UPI in October. Sources also pointed out that in the US too, total cash transactions reached $2.07 trillion by the end of 2020, an increase of 16 per cent from a year ago and also the biggest one-year percentage increase since 1945. .

Sources said the demand for cash is always on the rise during periods of economic uncertainty and since cash is the most liquid form of asset, liquidity is expected to rise during periods of heavy uncertainty. The increase in demand for cash during the pandemic has been a worldwide phenomenon.