Finance Ministry invites entries for new DFI’s Name, Logo

On 28^th July, 2021 finance ministry invited entries from the citizens of the country for tagline, name and logo for the new Development Financial Institution (DFI). The finance minister, in the budget of 2021-22, announced about the setting up of a DFI.

Highlights

• Parliament, in the month of March, had passed the bill for National Bank for Financing Infrastructure and Development (NaBFID).
• DFI is said to be a game changer for the infrastructure financing in India.
• The ministry had earlier carried out such a similar exercise for selecting the name for the financial inclusion programme of the government the Pradhan Mantri Jan Dhan Yojna in the year 2014.
• Cash prizes of up to Rs 5 lakh will be given out in each category

About Development Financial Institution (DFI)

Infrastructure plays an important role in building of a new India. This means new projects, revitalizing and expanding the existing infrastructure is a must. Hence, to maintain this infrastructural need over 7000 projects have been identified and the National Infrastructure Pipeline of Rs 111 lakh crore was set up. However, the completion and execution of these projects will require funds in a large and timely manner. This is where the Infra DFI comes in. It will be a development bank following a particular mandate through government support. Its operations will be to prioritize product innovation, risk mitigation, accessing ethical and green funds and will also help in developing a vibrant and broad bond market.

Month: Current Affairs - July, 2021