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Payment Infrastructure Development Fund created by RBI

Payment Infrastructure Development Fund created by RBI

A Payments Infrastructure Development Fund (PIDF) has been created by the Reserve Bank of India (RBI) to motivate and stimulate acquirers to position Points of Sale (PoS) infrastructure.

Key Points:

  • The PoS infrastructure will be established in both digital and physical modes in tier-3 to tier-6 centres and north eastern states.
  • An initial contribution of Rs.250 crore will be made by RBI to the PIDF and will cover half the fund. The remaining amount of contribution will be by the banks that issue cards and the operators who manage the card network.
  • Today India has a broad range of payments ecosystem in the country like bank accounts, mobile phones, cards, etc. To provide further impetus to the digitisation of payment systems, it is important to accept infrastructure throughout the country, with a special focus on under-served areas.
  • The PIDF will be managed and administered by RBI, whereas it will be governed through an Advisory Council.
  • Recurring funds will be provided to PIDF for covering operational expenses from banks that issue cards and operators of the card networks. Contribution to yearly shortfalls will also be provided by RBI, if required.

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