The Reserve Bank of India (RBI) announced the operationalisation of the payment infrastructure development fund (PIDF) scheme.
About:
The scheme is intended to subsidise deployment of payment acceptance infrastructure in tier-3 to tier-6 centres, with a special focus on the north-eastern states of the country.
An advisory council (AC) under the chairmanship of RBI deputy governor BP Kanungo has been constituted for managing the PIDF.
The fund will be operational for three years effective from January 1, 2021 and may be extended for two more years.
The implementation of targets shall be monitored by the RBI with assistance from card networks, the Indian Banks’ Association (IBA) and the Payments Council of India (PCI).
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