Kanpur – The National Financial Reporting Authority (NFRA) and the Indian Institute of Technology (IIT) Kanpur jointly organized a groundbreaking hackathon on March 28-29, 2025, aimed at leveraging Large Language Models (LLM) and Generative AI for financial statement analysis. The event brought together students from various engineering institutions across India to develop innovative solutions that simplify financial statements, making them more accessible and comprehensible for a wider audience.
The primary objective of the hackathon was to encourage students to harness the power of Generative AI to transform complex financial data into clear, engaging narratives. This initiative aligns with the broader goal of democratizing financial information and enabling informed decision-making. Participants were challenged to create AI-driven tools that could automate data extraction, simplify financial jargon, and generate insightful summaries of financial statements.
Students Showcase Cutting-Edge AI Innovations
The hackathon saw participation from top engineering institutions, including VIT Vellore, MNNIT Allahabad, IIT Lucknow, and Rajiv Gandhi University of Knowledge Technologies, Nuzvid. Over two days, teams worked on developing AI-powered solutions that could redefine financial reporting. The event provided a platform for students, academia, and regulatory bodies to collaborate and address challenges in financial data interpretation using advanced AI technologies.
A panel of experts from IIT Kanpur and NFRA evaluated the solutions presented by the participants. The winning teams were recognized for their innovative approaches to streamlining financial statement analysis. These solutions demonstrated the immense potential of AI in simplifying intricate financial concepts, enhancing data extraction accuracy, and generating meaningful insights.
Winners and Open-Source Contributions
Teams from VIT Vellore, MNNIT Allahabad, IIT Lucknow, and Rajiv Gandhi University of Knowledge Technologies, Nuzvid emerged as winners in the competition. Their projects showcased a deep understanding of financial analytics and AI integration. Notably, several winning teams chose to contribute their innovations to the open-source community, promoting further advancements and accessibility of AI-driven financial tools.
The hackathon reinforced NFRA’s commitment to engaging with young innovators and fostering technological solutions for regulatory challenges. As Generative AI continues to evolve, financial stakeholders can expect enhanced efficiency, accuracy, and transparency in financial reporting.
NFRA and IIT Kanpur anticipate organizing similar events in the future to further explore AI’s role in transforming financial analysis and decision-making processes.
