Looks interesting with monetary incentive too.
I doubt if I'm eligible, but most of the younger members may be.
So GO FOR IT.

I'm advised by minalgl that this is the prize money on offer:

Skysparks (finalised):
1st Prize: Rs. 100,000
2nd Prize: Rs. 50,000
3rd Prize: Rs. 30,000
and INR 5000 to top 30

Multirotor (Tentative):
1st Prize: Rs. 50,000
2nd Prize: Rs. 30,000
3rd Prize: Rs. 20,000

Hovermania (Tentative):
1st Prize: Rs. 35,000
2nd Prize: Rs. 25,000
3rd Prize: Rs. 20,000

For details, see this
http://www.rcindia.org/rc-events/invitation-to-participate-in-rc-events-of-tech-kriti-iit-kanpur/msg296962/#msg296962

Edit:
Awaiting confirmation from minalgl that he's authorised to convey this data officially.

Edit:
Clarification recd from minalgl:

As I am the Head Events of sp4mm3r and the deciding authority in this regard so that won't be an issue. I really thank you for sharing the information.

Also please include the event descriptions directly in the post along with the banner as I guess that way information will be conveyed in a better way.

you can visit the website if you still have doubts. My info will be available at the start in the contact us section.

The ever helpful K.K.Iyer Sahab. Good to see you so active after all these years Sir.