RDIF AIF selection expected to be completed in two weeks

Bengaluru: The government is in the process of selecting the alternate investment firms (AIF) for the research, innovation and development fund (RDIF), and is expected to be completed in two weeks, said Jitendra Singh, minister of state for science and technology, in a statement.

In a monthly review meeting of science secretaries held on August 19, Singh said in the press statement that the process for selection is happening in a transparent manner ensuring fairness and equal responsibility. In addition to the fund for secondary level fund managers, the government is in the process of disbursing funds to the remaining selected firms.

This announcement comes the day after ET reported that delay in disbursement of RDIF have left investors in a limbo as it impacts their fundraising process and ability to invest in startups. This is amid concerns raised around conflict of interest in selection of deeptech startups for funding. The minister also added in the review meeting that the RDIF "Conflict of Interest" policy is protected by Stringent Safeguards to ensure taxpayer money and private capital are protected. Singh said that stringent protocols are being followed for both fund disbursement and conflict-of-interest safeguards to ensure transparency, fairness and accountability, given that the RDI Fund involves public money. -Our Bureau