Union Bank of India Organizes the Grand Finale of IDEA 2.0 (Hackathon) under the PSBs Hackathon Series 2026

2026-09-03 06:49:11 Events / Trade Shows

Mumbai, September 3, 2026: Union Bank of India organized the Grand Finale of IDEA 2.0 (Hackathon) under the PSBs Hackathon Series 2026 on September 3, 2026 at K J Somaiya School of Engineering (Auditorium), Vidyavihar (East), Mumbai.

The Bank has organized IDEA 2.0 (Hackathon) in association with Somaiya Vidyavihar University bringing together thought leaders, innovators, students and professionals to co-create ideas. This is the 2nd edition of the series conducted this year. While the 1st edition was conducted at the State level, IDEA 2.0 was organized on a pan India level.

The Hackathon is part of the Department of Financial Services (DFS), Ministry of Finance, Government of India initiative steered by Indian Banks’ Association (IBA) under which Public Sector Banks are organising hackathons to encourage innovation and develop technology-driven solutions for the Banking, Financial Services and Insurance (BFSI) sector.

The theme for IDEA 2.0 was “Cybersecurity & Fraud Prevention and enhancing Customer Experience using Generative AI”.

IDEA Hackathon 2.0 witnessed an enthusiastic response of 1,511 entries across the country. Following a rigorous evaluation process, the finalist teams presented innovative solutions across key themes including Artificial Intelligence, FinTech, Cybersecurity, Digital Trust, Customer Security, Privacy, Assurance, Reliability and Convenience (CSPARC), and Ease of Doing Business.

At the Grand Finale, today, the awards was distributed in the benign hands of Shri Asheesh Pandey, MD & CEO, Union Bank of India, Mr.Nitesh Ranjan and Mr. Shri Amresh Prasad Executive directors of Union Bank of India, Dr. Debashish Prusty, Government Nominee Director, addressed the gathering virtually,Shri Ajay Kapur, Vice Chancellor, Somaiya Vidyavihar University, Dr. Suresh Ukarande, Director of K J Somaiya School of Engineering, Dr. Irfan Siddavatam, Director at Somaiya School of Design and other dignitaries present on the occasion.

The winning Teams received Cash Prizes amounting a total of Rs. 13 lakhs. Teams from premier institutes such as IIT Mumbai, IIT Guwahati, IIT Bhilai, IIIT Nagpur, NIT Patna, BITS Ranchi, Maulana Azad NIT Bhopal, Motilal Nehru NIT Prayagraj, Symbiosis International, Rajiv Gandhi Institute of Petroleum etc. participated in IDEA 2.0 (Hackathon).

The event was attended by senior officials of Union Bank of India, representatives from the banking and fintech ecosystem, technology experts, academicians and industry leaders, providing a platform for young innovators to showcase solutions for real-world challenges in the BFSI sector.

“Hackathons like this are a powerful platform to connect the banking sector with India’s young innovators and solve real-world challenges. As banking becomes increasingly digital and operates 24x7, innovation must go hand in hand with security, trust, convenience and tangible customer value.

The ideas emerging from this hackathon reflect the tremendous potential of our young minds to shape the future of banking. As we adopt Artificial Intelligence and other emerging technologies, we must combine them with actual intelligence concept, logic and common sense and aspirational intelligence that drives purposeful innovation.

At Union Bank of India, our focus is not simply on identifying winning ideas, but on exploring how promising solutions can be taken beyond the hackathon and translated into practical, scalable outcomes. The future of banking will be defined by innovation that earns customer trust and creates measurable value for society.” said Shri Asheesh Pandey, Managing Director & CEO, Union Bank of India.

Union Bank of India remains committed to promoting innovation and nurturing future-ready solutions that contribute to a secure, inclusive and digitally empowered financial ecosystem.