- The scheme is operationalized with an initial corpus of Rs 345 crores for three years commenced from 1st Jan 2021. Among the corpus of Rs 345 crore, Rs 250 crore are contributed by the RBI and Rs 95 crore by the major authorized card networks in India.
- The functioning of PIDF Scheme will be managed by RBI’s Deputy Governor, BP Kanungo.
- The main aim of this PIDF scheme is to increase the number of payment acceptance devices in Tier 3 to Tier 6 centres of India.
- For this purpose, it is decided to increase 30 lakh touchpoints which include 10 lakh physical and 20 lakh digital payment acceptance devices every year.
- The PIDF covers multiple payment acceptance devices and infrastructure supporting card payments like PoS, mPoS, GPRS, PSTN and QR code-based payments.
- The scheme sets a target on merchants who offer services in transport, hospitality, fuel pumps, PDS shops, kiranas etc.
- The scheme is based on a reimbursement basis. The maximum cost of physical acceptance devices eligible for the subsidy will be Rs 10,000 including one-time operating costs up to Rs 500. The maximum cost of digital acceptance devices eligible for a subsidy will be Rs 300, including a one-time operating cost up to Rs 200.
- Static Part:
- HQ of RBI: Mumbai
Question:
Q.1 RBI announced the operationalization of Payments Infrastructure Development Fund (PIDF) Scheme, who among the following to manage the scheme?
a. BP Kanungo
b. M K Jain
c. M D Patra
d. M Rajeshwar Rao
a. BP Kanungo
b. M K Jain
c. M D Patra
d. M Rajeshwar Rao
