The Union Bank of India, in collaboration with K J Somaiya College of Engineering, Mumbai, successfully concluded the IDEA Hackathon, a flagship event under the PSBs Hackathon Series 2025. This event is part of a larger initiative by the Department of Financial Services, Ministry of Finance, Government of India and Indian Banks Association, where all Public Sector Banks will conduct a series of Hackathons. The event aimed to delve into innovative solutions for real-world problems and critical areas of operations in the BFSI sector.
The hackathon received a strong response from nearly 300 teams from over 30 colleges across Maharashtra, with 42 teams participating in the 24-hour hackathon. Out of these, six winning teams were announced, including an all-women team and a differently-abled team. The winning teams received cash prizes totaling Rs. 11 lakhs, with the first, second, third, and consolation winners receiving Rs. 5 lakhs, Rs. 3 lakhs, Rs. 2 lakhs, and Rs. 1 lac, respectively.
The event was attended by distinguished delegates and dignitaries from leading banks, financial institutions, fintech firms, and regulatory bodies, including the MD & CEO of NPCI, Mr. Dilip Asbe. Union Bank of India’s MD & CEO, A. Manimekhalai, was present at the event, praising the young minds for showcasing their innovative solutions.
The IDEA Hackathon is a testament to Union Bank of India’s commitment to innovation and digital transformation. The bank will continue to support and encourage innovative ideas, driving growth and excellence in the BFSI sector.