Ministry of Finance in association with MyGovIndia has announced a contest to crowdsource the name, tagline and logo of the new Development Financial Institution, NSitharamanOffice said.

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"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," NSitharamanOffice tweeted.

 

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It further added that the setting up of a Development Financial Institution was announced by Finance Minister Nirmala Sitharaman in Budget 2021-22. Both Houses of Parliament passed the National Bank for Financing Infrastructure and Development (NaBFID) Bill 2021 in March 2021.

Entries for the competition are invited up to August 15, 2021 and will be evaluated on creativity, vibrancy, ability to connect with the theme. Till now 1,528 submissions have been made under this task. 

 

Prize details:

As per the information, the winning entry will be awarded cash prizes for each category (1st, 2nd and 3rd prize each for Name, Tagline and Logo).

Category, 1st Prize, 2nd Prize, 3rd Prize:

Name: Rs. 5,00,000/-, Rs. 3,00,000/- , Rs. 2,00,000/-

Tagline: Rs. 5,00,000/-, Rs. 3,00,000/- , Rs. 2,00,000/-

Logo: Rs. 5,00,000/-, Rs. 3,00,000/- , Rs. 2,00,000/-

Participants can take part in the contest by registering on MyGov. Make sure that your MyGov Profile is accurate and updated since the Department, would be using this for further communication. 

People who are willing to participate should note that the Name, Tagline and Logo suggested must be original and should not violate any provision of the Indian Copyright Act, 1957. Also, it is not mandated to submit all three i.e. Name, Logo & Tagline and any one of these can be submitted.

Participants will have to submit a high resolution (600 dpi) image of logo in JPEG, BMP, TIFF formats only. Each participant must submit a brief description (maximum 100 words) of the logo along with the image (i.e. Explanation of the logo, symbol, colour etc.).

The winners will be declared either through email or by way of announcing their names on the MyGov blog page. There will be no notification to participants of entries not selected as winners.