The Reserve Bank of India (RBI) has announced a two-year extension of the Payments Infrastructure Development Fund (PIDF) scheme until December 31, 2025. This move is aimed at promoting digital transactions at the grassroots level and includes an expansion of beneficiaries under the scheme.
Q: What is the recent decision made by the Reserve Bank of India (RBI) regarding the Payments Infrastructure Development Fund (PIDF) scheme? A: The RBI has extended the PIDF scheme by two years until December 31, 2025, with an expansion of beneficiaries to now include those under the PM Vishwakarma scheme.
Q: What was the initial focus of the PIDF scheme, and how has it evolved over time? A: Initially operationalized in January 2021 for three years, the PIDF scheme incentivized the deployment of payment acceptance infrastructure in tier-3 to tier-6 centers, north-eastern states, Jammu & Kashmir, and Ladakh. Later, in August 2021, beneficiaries of the PM SVANidhi Scheme in Tier-1 and 2 centers were included.
Q: How does the RBI plan to encourage the deployment of emerging modes of payment acceptance under the PIDF scheme?
A: In response to industry feedback, the PIDF scheme will now encourage the deployment of emerging modes such as soundbox devices and Aadhaar-enabled biometric devices, aiming to accelerate and augment the deployment of payment acceptance infrastructure.
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