New Delhi, June 10 (IANS): The Department of Posts on Friday launched a logo and tagline design contest for the soon-to-be set up India Post Payments Bank (IPPB) on the MyGov website, an official statement said here.

The cabinet on June 1, 2016, gave its nod to setting up of the IPPB under the Department of Posts.

"The Department of Post 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 statement said.

"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," it added.

The contest is open to all Indian citizens, institutions, agencies and entities for a period of one month, until July 9, 2016.

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 added.