Payment Infrastructure Development Fund

Published on June 05, 2020
Current Context: The Reserve Bank of India has launched ‘Payment Infrastructure Development Fund (PIDF)’.
Payment Infrastructure Development Fund
  • The fund has been launched to give boost to the digital payment in India and will be used to create and encourage the acquirers to deploy and adapt Point of Sale (PoS) infrastructure in physical as well as digital modes in tier-3 to tier-6 centers and in north eastern states of India.
  • The PIDF is set up with an allocation of Rs 500 crore with an initial contribution of Rs 250 crore by RBI which is half-covering of the fund and rest half will be from card issuing banks and card networks operating in India.
  • Static Part: 
    • Headquarters of RBI– Mumbai, Maharashtra
    • Governor of RBI – Shaktikanta Das
    • Deputy Governors of RBI– Bibhu Prasad Kanungo, Mahesh Kumar Jain, Michael Debabrata Patra.

Question: 

Q.1 RBI has announced ‘Payment Infrastructure Development Fund (PIDF)’of Rs 500 crore. What is the initial contribution made by RBI in the allocated fund?
a. Rs 250 crore

b. Rs 300 crore
c. Rs 350 crore
d. Rs 400 crore

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