Payments Infrastructure Development Fund (PIDF) has been created by the Reserve Bank of India. The fund has been created to encourage acquirers to deploy Points of Sale (PoS) infrastructure, both physical as well as digital modes, in tier-3 to tier-6 centres and in north eastern states. With this fund, RBI is aiming to provide impetus to acceptance infrastructure across India especially in underserved areas in order to stimulate the digitisation of payment systems. RBI will be responsible for managing and administering the PIDF, while it would be governed through an Advisory Council.
Click Here To Get Test Series For SBI PO 2020
In the newly launched Payments Infrastructure Development Fund (PIDF), an initial contribution of Rs 250 crores will be made by the Reserve Bank of India i.e. covering half the fund, while the remaining contribution will be from card issuing banks and card networks operating in the country. The fund will also get recurring contributions from card issuing banks and card networks in order to cover operational expenses.
Important takeaways for all competitive exams:
Did you know that the festival of colors is not celebrated only in one country?…
Google has officially launched the Nano Banana 2, the latest version of its AI-powered image…
Sikkim Chief Minister Prem Singh Tamang announced that Pakyong Airport which is the only airport…
Indian railway system is getting a major digital upgrade. Union Minster of Railways Ashwini Vaishnaw…
India and Germany have strengthened their climate partnership with a new EUR 20 million initiative…
In a must-win Super 8 clash of the ICC Men's T20 World Cup, India national…