DoP starts logo contest for payments bank with Rs 50k prize

The Department of Posts today started a contest inviting logo design and tagline for its payments bank from the public with a prize money of Rs 50,000 for the winner.
"The Department of Posts on June 10, 2016, launched a logo and tagline design contest for the soon to be set up India Post Payments Bank on the MyGov website. The contest is open to all Indian citizens, institutions, agencies and entities for one month until July 9, 2016," the Postal Department said in a statement.
The Union Cabinet on Wednesday cleared proposal to set up India Post Payments Bank (IPPB) with a corpus of Rs 800 crore and a plan for 650 branches operational by September 2017. It will be expanded further to cover the entire country by the end of 2018-19.

"The best entry will be awarded Rs 50,000. A panel of eminent designers and experts will help shortlist 20 best entries which will thereafter be put up for voting on the MyGov platform for the final selection of the winner," the statement said.
The government has earlier accepted new sign of the rupee and the Swachh Bharat logo from public contests.
The department said it wants to connect with and involve the people of India in designing "the DNA" of the India Post Payments Bank.

"One of the guiding principles of the India Post Payments Bank would be co-creating value propositions and products with its customers and other stakeholders. The present contest is the first step towards this ongoing engagement. It has also initiated a nationwide survey to understand the needs of different segments of customers," the statement said.

The India Post Payments Bank (IPPB) will offer digitally enabled payments, banking and remittance services of all kinds between entities and individuals and also provide access to insurance, mutual funds, pension and credit products in partnership with third-party financial service providers and banks.
Initially most of the 3.5 lakh workforce will be posted on deputation who will be gradually be replaced by fresh recruits.
Telecom Minister Ravi Shankar Prasad has asked the Postal Department to hire an MD and CEO of the IPPB by August and set up a selection committee for hiring a chief financial officer by June 15.