Bank of India’s CyberShield Hackathon 2026 Concludes at IIT Hyderabad
2936 registrations received from across India; 72 shortlisted teams and individuals presented technology-led solutions to address emerging financial-sector cybersecurity challenges
Hyderabad, 28 August 2026 ( TGN ): Bank of India successfully concluded the Grand Finale of CyberShield Hackathon 2026 at the Indian Institute of Technology Hyderabad (IIT-H) on 27th and 28th August 2026.
The PSB’s Cybersecurity, Fraud & Artificial Intelligence Hackathon 2026 was organised by Bank of India in collaboration with IIT Hyderabad is an initiative of the Department of Financial Services (DFS), Ministry of Finance, Government of India, and the Indian Banks’ Association (IBA). The initiative seeks to strengthen collaboration among public sector banks, academic institutions and young innovators to develop technology-led solutions for real-world challenges in banking and financial services. Bank of India and IIT-H entered a Memorandum of Understanding for the 2026 edition, under which IIT-H provided institutional, technical, logistical and event-related support for conducting the various stages of the hackathon.
The Bank invited solutions for the following two problem statements:
- Harnessing Generative AI For Automated Reverse Engineering, Static and Dynamic Analysis, And Risk Scoring of Fraudulent Mobile Applications (APKs) And Malware.
- Developing An AI/ML-Enabled Solution to Detect Suspicious Transactions and Mule Accounts by Analysing Financial Transactions, Fraud-Monitoring and Transaction-Monitoring Alerts, and Government Cyber-Fraud Alerts or Tickets, While Helping Prevent The Circulation Of Fraudulent Proceeds Through Mule Accounts.
The hackathon received an encouraging response, with 2,936 registrations from teams and individuals. Following scrutiny and assessment by the evaluation committee of IIT-H, 72 registrations (36 for each problem statement) were shortlisted for the prototype presentation stage. These comprised 68 teams and 4 individual participants, collectively representing 232 participants.
During the first day of the Grand Finale on 27 August, the shortlisted participants presented their prototypes before evaluation panels comprising of Senior Bank executives, IIT-H faculty members.
Based on the assessments, 18 finalists, nine under each problem statement, advanced to the final round on 28 August. The entries were evaluated on parameters including innovation, technical soundness, explainability, scalability, user experience and prototype evaluation. Six winning entries, comprising the top three solutions under each problem statement, were selected.
Winners of CyberShield Hackathon 2026
Problem Statement 1: Harnessing Generative AI for Automated Reverse Engineering, Static and Dynamic Analysis, and Risk Scoring of Fraudulent Mobile Applications (APKs) and Malware.
- First Prize: Team Vijaya — Arismita Mukherjee, Harsh Mohta, Sarthak Maheshwari, Chandrahas Reddy from International Institute of Information Technology, Bangalore
- Second Prize: Team Fi — Rahul Jaluthria, Danish Verma, Varun Gupta, Avneet Kaur from Chandigarh University, Chandigarh
- Third Prize: Team LogicFoundry — Mrunali Deepak Patil, Prajin Sudarshan Patil, Sujal Jitendra Deshmukh from National Institute Of Technology, Goa
Problem Statement 2: Developing an AI/ML-based solution for detecting suspicious transactions and mule accounts by ingesting financial transactions, fraud-monitoring solution alerts, transaction-monitoring system alerts, and government cyber-fraud alerts/tickets. The solution should also help prevent the circulation of fraudulent proceeds through mule accounts.
- First Prize: Team weAreWinners — Harshit Gautam, Shubhi Jain, Aarushi Chawla, Amartya Singh from Indraprastha Institute of Information Technology, Delhi
- Second Prize: Team Vijaya , Arismita Mukherjee, Harsh Mohta, Sarthak Maheshwari, Chandrahas Reddy from International Institute of Information Technology, Bangalore
- Third Prize: Team LUNA LUPA, Sanjith K S, K M Pradhyut, Samatma Bharadwaj, Sai Kishan A from PES UNIVERSITY, Bengaluru
The competition offers a total prize pool of ₹20.00 lakhs. For each problem statement, the 1st, 2nd, and 3rd prize winners will be awarded ₹5.00 lakhs, ₹3.00 lakhs, and ₹2.00 lakhs, respectively. In addition, all participants will receive a Certificate of Participation.
The valedictory ceremony was graced by Shri Rajneesh Karnatak, Managing Director & CEO, Bank of India; Dr. Deepak Kumar, Director IDRBT, Prof. B S Murty, Director, IIT Hyderabad, Shri Venkat Rao, Registrar, IIT Hyderabad, Prof. Sobhan Babu, IIT Hyderabad; Shri P. Hari Kishan, Chief General Manager & Chief Risk Officer, Bank of India; Shri Satyendra Singh, CGM & Chief Information Officer, Bank of India; and other senior representatives from Bank of India, IIT Hyderabad, CDAC and IDRBT. Presentation from McKinsey and EY team was given on final day of Hackathon series to all dignitaries.
Shri Rajneesh Karnatak, Managing Director & CEO, Bank of India speaking on the occasion, said, “The growing sophistication of digital fraud requires banks to continuously strengthen their technological capabilities and collaborate with the wider innovation ecosystem. CyberShield Hackathon 2026 has brought together talented young minds to develop practical solutions to pressing cybersecurity challenges. The strong participation received this year reflects the enthusiasm among India’s students and innovators to contribute to building a safer and more resilient digital banking ecosystem.”
Dr. Deepak Kumar, Director,IDRBT, said, “As India’s digital financial ecosystem expands, strengthening cybersecurity and fraud-prevention capabilities remains a shared priority. Collaboration among public sector banks, academic institutions and young innovators can accelerate the development of practical and scalable solutions to emerging risks. Initiatives such as CyberShield Hackathon provide an important platform for combining institutional experience with technological innovation to build a safer, more resilient and trusted banking ecosystem.”
Prof. B S Murty, Director, IIT Hyderabad said, “Hackathons create a valuable bridge between academic innovation and real-world industry requirements. By enabling students to work on complex challenges such as malicious applications, suspicious transactions and mule accounts, CyberShield Hackathon encourages them to develop solutions that are not only technologically innovative but also practical, scalable and relevant to the banking sector. We are pleased to collaborate with Bank of India in nurturing ideas that can contribute to a more secure digital financial ecosystem.
The event concluded with the announcement of the winners, presentation of awards and distribution of certificates to the participants
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