Mumbai: Union Bank of India successfully concluded the Grand Finale of IDEA 2.0 (Hackathon) on September 3, 2026, at the K J Somaiya School of Engineering Auditorium, Vidyavihar (East), Mumbai. The event was organised under the PSBs Hackathon Series 2026 and brought together young innovators, technology experts, academicians and representatives from the banking and fintech ecosystem.
The national-level hackathon focused on developing AI-powered solutions for the banking sector under the CSPARC framework — Customer Security, Privacy, Assurance, Reliability and Convenience. The initiative placed strong emphasis on digital trust, cybersecurity, fraud prevention and ease of doing business.
IDEA 2.0 Receives 1,511 Entries from Across India
The hackathon witnessed an enthusiastic response, receiving 1,511 entries from participants across the country.
The theme of IDEA 2.0 was “Cybersecurity & Fraud Prevention and Enhancing Customer Experience Using Generative AI.”
Following a rigorous evaluation process, finalist teams presented technology-driven solutions across several key areas, including:
- Artificial Intelligence and Generative AI
- FinTech
- Cybersecurity and fraud prevention
- Digital Trust
- Customer Security and Privacy
- Assurance and Reliability
- Customer Convenience
- Ease of Doing Business
The initiative provided young innovators with an opportunity to develop practical solutions for real-world challenges in the Banking, Financial Services and Insurance (BFSI) sector.
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Winning Teams Receive ₹13 Lakh in Cash Prizes
At the Grand Finale, the winning teams were felicitated for their innovative solutions. The winners received cash prizes amounting to a total of ₹13 lakh.
Students and innovators from several premier educational institutions participated in IDEA 2.0, including:
- 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
The participation of students and teams from leading institutions highlighted the growing interest among young innovators in applying emerging technologies to financial services.
Union Bank Leadership Attends IDEA 2.0 Grand Finale
The Grand Finale was attended by senior leadership of Union Bank of India and prominent representatives from academia and the technology ecosystem.
Key dignitaries present at the event included:
- Asheesh Pandey, Managing Director & CEO, Union Bank of India
- Nitesh Ranjan, Executive Director, Union Bank of India
- Amresh Prasad, Executive Director, Union Bank of India
- Dr. Debashish Prusty, Government Nominee Director
- Ajay Kapur, Vice Chancellor, Somaiya Vidyavihar University
- Dr. Suresh Ukarande, Director, K J Somaiya School of Engineering
- Dr. Irfan Siddavatam, Director, Somaiya School of Design
The event was also attended by senior Union Bank officials, banking and fintech representatives, technology experts, academicians and industry leaders.
Asheesh Pandey Highlights Innovation, Security and Customer Trust
Addressing the gathering, Union Bank of India MD & CEO Asheesh Pandey said that hackathons provide an important platform for connecting the banking sector with young innovators and addressing real-world challenges.
He highlighted the need to ensure that innovation in digital banking goes hand in hand with security, trust, convenience and measurable customer value, particularly as banking services increasingly operate digitally and around the clock.
Pandey also emphasised the importance of combining Artificial Intelligence with human judgement, logic and common sense to ensure that emerging technologies deliver purposeful outcomes.
He said Union Bank’s objective is not merely to identify winning ideas but also to explore how promising solutions can be developed into practical and scalable applications beyond the hackathon.
IDEA 2.0 Focuses on Cybersecurity and Generative AI
IDEA 2.0 was designed to encourage innovation in areas that are increasingly important for the future of digital banking.
The focus on Generative AI, cybersecurity and fraud prevention reflects the banking sector’s growing need for solutions that can protect customers while improving their digital experience.
The CSPARC framework further encouraged participants to develop solutions that balance technological innovation with:
- Customer security
- Data privacy
- Reliability
- Digital assurance
- Convenience
- Trust in digital banking
PSBs Hackathon Series Promotes Innovation in BFSI
The hackathon is part of an initiative of the Department of Financial Services (DFS), Ministry of Finance, Government of India, steered by the Indian Banks’ Association (IBA).
Under the initiative, Public Sector Banks are organising hackathons to encourage innovation and develop technology-driven solutions for the Banking, Financial Services and Insurance (BFSI) sector.
Through IDEA 2.0, Union Bank of India provided a platform for young innovators to work on emerging banking challenges and showcase solutions that could contribute to a more secure, convenient and digitally empowered financial ecosystem.
Union Bank Reaffirms Commitment to Future-Ready Banking
Union Bank of India said it remains committed to promoting innovation and nurturing future-ready solutions that support a secure, inclusive and digitally empowered financial ecosystem.
The successful conclusion of IDEA 2.0 reflects the bank’s efforts to engage with India’s young technology talent and explore innovative approaches to improving digital banking services.
About Union Bank of India
Union Bank of India is a leading public sector bank in India, offering a wide range of banking and financial services to retail, corporate and institutional customers. The bank continues to focus on digital transformation, customer-centric services, financial inclusion and technology-driven innovation.
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