Over 1.18 billion payment devices been deployed in India as of April

The Payments Infrastructure Development Fund (PIDF) scheme had deployed more than 4.11 lakh PoS, mobile PoS, and other physical devices across the country as of April 30, 2022, according to the RBI. The scheme also had deployed 1,14,05,116 digital devices, including interoperable QR code-based payments such as UPI QR and Bharat QR.

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KEY POINTS:

• The Reserve Bank’s PIDF programme, which will be operative from January 2021, subsidises the implementation of Points of Sale (PoS) infrastructure (physical and digital modes) in tier 3 to tier 6 cities and the country’s northeastern states.
• Beneficiaries of the PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi Scheme) in tier-1 and tier-2 centres were also covered as of August 26, 2021.
• The Reserve Bank, licenced card networks, and card producing banks all contribute to the PIDF, which now has a corpus of Rs 811.4 crore.
• PIDF-registered acquiring institutions (banks and non-banks) pledge region-specific deployment targets, report deployment statistics, and claim subsidies for devices that meet the criteria.
• The PIDF plan is being amended by increasing the subsidy amount and streamlining the subsidy claim process, according to the RBI, in order to boost the deployment of payment acceptance touchpoints.
• This will hasten the rollout of payment acceptance touchpoints across the country, with a particular emphasis on rural areas.
• All qualifying installations that have been operating since the plan’s inception are eligible to file claims under the updated scheme.

Important Takeaways For All Competitive Exams:

• Governor of Reserve Bank of India: Shri Shaktikanta Das