Chennai, May 10, 2025 – Indian Overseas Bank (IOB) successfully hosted the Grand Finale of Cybernova 2025 Hackathon today, a flagship innovation event organized as part of the PSBs Hackathon Series 2025. The event was conducted in collaboration with B.S. Abdur Rahman Crescent Institute of Science and Technology as the Academic Partner, and Ernst & Young as the Knowledge Partner. This initiative is part of a larger drive by the Department of Financial Services (DFS), Ministry of Finance, Government of India, and is coordinated by the Indian Banks’ Association (IBA).
The theme for this year’s hackathon was “Authentication Solutions for Enhanced Security”—a critical domain in today’s digital-first economy.Ms. Neelam Agarwal, IRS, Director, DFS and Government of India Nominee Director on the Board of IOB, graced the occasion as the Chief Guest. Shri Joydeep Dutta Roy, Executive Director, IOB, was the Guest of Honour. Shri K. Srinivasa Rao, Senior Advisor, IBA; Dr. T. Murugesan, Vice Chancellor and B.S. Abdur Rahman Crescent Institute of Science and Technology; were the Special Guests at the event
In her address, Ms. Neelam Agarwal commended IOB’s commitment to innovation and praised the initiative as a shining example of academia-industry collaboration driven by public sector banks. She added, “I’m also delighted to learn about the immersive mentorship journey that the students undertook—from interactions with IOB’s senior leaders, to deep-dive tech talks, and walkthroughs to see many technologies in action at IOB’s state-of-the-art facilities like the Cyber Security Operations Centre, Software Development Hubs, and Resiliency Operations Hub. This practical exposure is truly invaluable—it bridges the gap between theory and practice, between classroom learning and industry demands.”
As per DFS directives, IOB signed an MoU with BS Abdur Rahman Crescent Institute to organize this multi-phase hackathon, culminating in today’s grand finale. Over the last few months, the event witnessed enthusiastic participation from more than 300 students across 86 teams, representing various departments including IT, Computer Science, AI, IoT, Data Science, and MCA.
From this large pool, 20 teams were shortlisted, followed by a rigorous evaluation to select 10 finalists. Today, the Top 5 teams were honored for their cutting-edge prototypes, judged on parameters such as innovation, technical execution, business potential, and real-world applicability.
IOB’s leadership highlighted the bank’s unwavering focus on digital transformation and customer-centric innovation. Notable initiatives include:
- AI-based Aadhaar Face Authentication for savings account onboarding—empowering even senior citizens with worn-out fingerprints to bank seamlessly.
- My Account My Name, which allows customers to choose a preferred name for transactions, simplifying banking experiences.
- Instant Safe Deposit Locker Allotment, enabling online, real-time locker booking with transparency and convenience.
“Cybernova 2025 exemplifies our vision to be at the forefront of technological innovation while promoting inclusivity and security,” said Shri Joydeep Dutta Roy. “Events like these not only spark creativity among students but also help institutions like ours identify implementable solutions that can enhance banking experiences across the country.”
The success of Cybernova 2025 underlines the critical importance of secure digital authentication and demonstrates how collaboration between academia, industry, and public sector banks can foster innovation to benefit society at large.
