Aparna Lucknow, India 601 Questions 0 Answers 0 Best Answers 678 Points View Profile Aparna Asked: October 15, 20212021-10-15T01:03:36+05:30 2021-10-15T01:03:36+05:30In: Economics What is Payment Infrastructure Development Fund (PIDF)? Payment Infrastructure Development Fund (PIDF). current affairsgrowth Share Facebook 1 Answer Recent 0 Questions 518 Answers 176 Best Answers 0 Points View Profile [Deleted User] 2021-10-15T01:13:17+05:30Added an answer on October 15, 2021 at 1:13 am Context: The Reserve Bank of India (RBI) is setting up a Payment Infrastructure Development Fund (PIDF) with a corpus of Rs 500 crore, with an aim to give a push to digital payments nationwide. About: The Payment Infrastructure Development Fund (PIDF) has been created to encourage acquirers to deploy Point of Sale (PoS) infrastructure, both physical and digital, in tier-3 to tier-6 centers and northeastern states. Given the high cost of merchant acquisition and merchant criminalization, most of the POS terminals in the country are concentrated in tier 1 and 2 cities, and towns and other regions have been left out. The dedicated fund for deepening digital payments infrastructure will receive recurring contributions to cover operational expenses from card-issuing banks and card networks and the central bank will also contribute to yearly shortfalls, if necessary. RBI will make an initial contribution of Rs.250 crores to the PIDF, covering half of the fund, while the remaining contribution will be from card-issuing banks and card networks operating in the country. This is in line with the measures proposed by the vision document on Payment and Settlement Systems in India 2019-2021. Administration & Management: The fund will be governed through an advisory council but it will be managed and administered by the RBI. This fund will subsidize the cost of a PoS device. 0 Reply Share Share Share on Facebook Share on Twitter Share on WhatsApp Leave an answerCancel replyYou must login or register to add a new answer. Related Questions What is Pathalgadi? What is Bodo Accord?
The Reserve Bank of India (RBI) is setting up a Payment Infrastructure Development Fund (PIDF) with a corpus of Rs 500 crore, with an aim to give a push to digital payments nationwide.