NFRA, IIT Kanpur jointly organise Hackathon on large language models, generative AI

ANI March 30, 2025 148 views

NFRA and IIT Kanpur recently hosted an innovative hackathon focused on using generative AI to transform financial reporting. Students aimed to simplify complex financial statements, making them more accessible and understandable to stakeholders. The event highlighted GenAI's potential to automate data extraction and generate insightful narratives, attracting participation from elite colleges like VIT Vellore and MNNIT Allahabad. Many winning teams offered their creations to the open-source community, showcasing a collaborative ethos and a commitment to advancing finance technology.

"GenAI has the potential to revolutionize financial statement analysis." - Ministry of Corporate Affairs
New Delhi, March 30: The National Financial Reporting Authority (NFRA) and Indian Institute of Technology (IIT) Kanpur jointly organised a Hackathon to encourage students to build cutting-edge solutions using Large Language Models (LLM) and Generative AI.

Key Points

1

NFRA and IIT Kanpur collaborate for GenAI hackathon

2

Students tackle financial reporting challenges with GenAI

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Winning solutions contribute to open-source community

The objective of the Hackathon was to demonstrate democratizing complex financial statements so that financial information is more readable and understandable, the Ministry of Corporate Affairs said in a release on Sunday.

The challenge given was to transform financial data into clear, engaging stories to enable well informed decisions. The hackathon tried to address the challenge, leveraging GenAI. Teams attempted transformative solutions to simplify financial statements and unlock deeper insights.

Students from various engineering colleges in India participated in hackathon held at IIT Kanpur from 28th and 29th March 2025.

The hackathon enabled the interaction of academia, students and the regulator joining hands to address common challenges. The solutions were discussed and students were guided how to carry their innovative ideas further forward.

The presentations made by the teams at the hackathon showed that GenAI has the potential to revolutionize financial statement analysis by simplifying complex financial concepts, automating data extraction, and generating insightful narratives. As technology continues to evolve, stakeholders can expect to see increased adoption in financial reporting, leading to more efficient, accurate, and informed financial decision-making.

Teams from VIT Vellore, MNNIT Allahabad, IIT Lucknow and Rajiv Gandhi University of Knowledge Technologies, Nuzvid emerged as winners in the competitions. The Hackathon was judged by a combined team of experts from IIT Kanpur and NFRA.

It is also noteworthy that many of the winning teams choose to offer their innovations to the open-source community so that more improvements and value additions can happen, and these solutions can be further developed and used by anyone interested. NFRA looks forward to further such opportunities to engage with the student community, the release added.

Tags:
NFRA IIT Kanpur Hackathon Generative AI Large Language Models Financial Reporting Student Innovation
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