New Delhi, Jul 28 (IANS): Innovation is not restricted to evolving new practises in manufacturing but finance ministry is using novel techniques to just get right the names and logos of new institutions that it is creating for larger good.

As an exercise in this direction, the ministry is not leaving it to babus to name, tag line and design logo for newly created Development Financial Institution (DFI) but had rather instituted an contest to crowd source the best it can get from the brightest and creative minds of the country.

The contest to get the best name, tag line and logo for the DFI will carry a reward if Rs 5 lakh for each of the components. The last date for sending entries is country's independence day, August 15, 2021.

The setting up of new DFI 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.

Government wants to fully operationalise the new DFI by next month.