RBI includes PM Vishwakarma under PIDF scheme
The Reserve Bank of India (RBI) has extended the Payments Infrastructure Development Fund (PIDF) scheme for an additional two years, now effective until December 31, 2025. This initiative aims to stimulate the deployment of payment acceptance infrastructure in various regions.
Q1: What is the key update in the RBI’s PIDF scheme extension?
A: The RBI extended the PIDF scheme until December 2025, now encompassing beneficiaries of the PM Vishwakarma scheme, further enhancing efforts to promote digital transactions at the grassroots level.
Q2: What are the significant achievements of the PIDF scheme so far?
A: As of August 2023, the PIDF scheme has successfully deployed over 2.66 crore new touch-points, demonstrating its effectiveness in incentivizing the establishment of payment acceptance infrastructure.
Q3: How does the RBI plan to evolve the PIDF scheme?
A: The PIDF scheme will now focus on encouraging the adoption of emerging payment modes, such as soundbox devices and Aadhaar-enabled biometric devices, based on industry feedback to accelerate and augment payment acceptance infrastructure deployment.
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