Gurugram: The State Bank of India (SBI), in partnership with the Indian Institute of Technology Guwahati (IIT-G), successfully concluded the PSB Hackathon Series 2025 – FINNOVATION with a grand felicitation ceremony held in Gurugram. This national-level initiative, held under the aegis of the Department of Financial Services (DFS) in coordination with the Indian Banks’ Association (IBA), aimed to fuel innovation and promote scalable solutions in fintech, cybersecurity, and digital fraud prevention.
Focus on Loan Defaulter Detection in the Digital Ecosystem
This year’s hackathon revolved around the critical theme: “Detecting Loan Defaulters and Tracking Them in the Digital Ecosystem.” Over a rigorous 90-day period, student teams from across India worked to build tech-driven, scalable prototypes that address one of the financial sector’s most pressing challenges — early detection and monitoring of loan defaulters using digital footprints and analytics.
The event was hosted by SBI at IIT Guwahati, serving as a hub of innovation and knowledge exchange between students, banks, and policy makers.
Eminent Dignitaries Applaud Young Innovators
Winners and participants were felicitated by:
- Mr. M. Nagaraju, Secretary, Department of Financial Services
- Mr. Challa Sreenivasulu Setty, Chairman, SBI
- Prof. Devendra Jalihal, Director, IIT Guwahati
- Mr. Vinay M. Tonse, Managing Director, SBI
- Mr. Atul Kumar Goyal, CEO, Indian Banks’ Association
Their presence underscored the importance of fostering an industry-academia interface to drive impactful innovation in the Indian banking and financial services sector.
DFS Secretary Emphasises India’s Financial Vision for 2047
Addressing the gathering, Mr. M. Nagaraju congratulated the winners and lauded the SBI-IIT Guwahati partnership for inspiring a new wave of fintech problem-solvers. He highlighted the vital role of startups, cyber resilience, and innovation in realising India’s goal of becoming a financial powerhouse by 2047. He encouraged students to remain ambitious, and noted that such collaborations are pivotal to India’s financial and digital growth.
SBI Chairman Urges Continued Innovation in Fintech & Cybersecurity
Mr. CS Setty, Chairman, SBI, reaffirmed the bank’s commitment to promoting fintech solutions through collaborative initiatives. Highlighting SBI’s innovations like YONO, UPI integration, and MSME incubation programs, he said:
“Industry-academia collaboration is essential to build future-ready solutions. Initiatives like FINNOVATION are vital in nurturing India’s financial innovation ecosystem.”
He encouraged all participants to keep innovating and contribute to a resilient, digital-first financial future.
Hackathons Driving India’s Digital Financial Future
The event concluded with a resounding message of encouragement to India’s youth, emphasizing that hackathons like FINNOVATION are not just competitions, but critical incubators of India’s financial and technological future. With increasing digital adoption, such platforms will play a crucial role in building secure, inclusive, and innovative banking systems.
About SBI
State Bank of India (SBI) is a prominent Indian multinational public sector banking and financial services company. It is the largest commercial bank in India, boasting a vast network of branches and a large customer base. SBI has a rich history, tracing its origins back to the Bank of Calcutta in 1806, and is known for its commitment to serving the needs of the common man.
