 "Finance Ministry invites entries for new DFI's name, tagline and logo")
The finance ministry on Wednesday invited entries from citizens for name, tagline and logo for the new Development Financial Institution (DFI) that is touted as a gamechanger for infrastructure financing in the country.
Earlier, the ministry had carried out a similar exercise for choosing the name for the flagship financial inclusion programme of the government -- 'Pradhan Mantri Jan Dhan Yojna' -- in 2014.
"@FinMinIndia in association with @mygovindia is announcing a contest to crowdsource the name, tagline and logo of the new Development Financial Institution. Cash prizes of up to Rs 5 lakh in each category! Last date for entries is 15.08.2021," Finance Minister Nirmala Sitharaman said in a tweet.
The setting up of a DFI was announced by the finance minister in Budget 2021-22.
In March, Parliament passed the National Bank for Financing Infrastructure and Development (NaBFID) Bill.
"Infrastructure is essential to building a new India. This would mean new projects, expanding existing infra and revitalizing decrepit infra. The National Infrastructure Pipeline of Rs 111 lakh crore was a recognition of this need and accordingly over 7000 projects were identified. However, the execution and completion of these projects will require timely finance and the requirement of funds is large," according to mygov.in website.
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This Infra DFI will be a development bank with credibility and a mandate through explicit government support and this DFI will crowd in, not elbow out, other lenders, it said.
"It will not do everything itself. Therefore, it will not only be a provider of credit and credit plus services but equally, be an enabler and a catalyst for a new ecosystem for infra based on collaboration and on partnership. Its operations will prioritize risk mitigation, product innovation, accessing green and ethical funds and helping to develop a vibrant bond market," it added.
The Department of Financial Services under the finance ministry has invited citizens to coin a name, suggest a tagline and design a logo for the DFI.
It should in effect be like a visual signature, easy to recall and pronounce. Each of the three elements would stand out on its own but would represent a synergised approach, as per the website.