Categories: Banking

Total corpus of PIDF reaches Rs 614 crore

The total corpus of Payments Infrastructure Development Fund (PIDF) of RBI has reached Rs 614 crore. The PIDF scheme was launched by RBI in January 2021, to subsidize deployment of payment acceptance infrastructure (PoS) in Tier-3 to Tier-6 centres with a special focus on the North-Eastern States of the country. At that time it was decided that, RBI will make an initial contribution of Rs. 250 crores to the PIDF covering half the fund and the remaining contribution will be from card-issuing banks and card networks operating in the country.

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Initially when the scheme has launched the corpus of PIDF was Rs. 345 crore (Rs. 250 crores contributed by RBI and Rs. 95 crores by the major authorized card networks in the country). Now various other Authorised Card Networks (Rs. 153.72) and Card Issuing Banks (Rs. 210.17 crores) have increased their contribution to the PIDF Scheme hence taking the total corpus to Rs. 613.89 crore (approx Rs 614 crore).

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Sumit Arora

As a team lead and current affairs writer at Adda247, I am responsible for researching and producing engaging, informative content designed to assist candidates in preparing for national and state-level competitive government exams. I specialize in crafting insightful articles that keep aspirants updated on the latest trends and developments in current affairs. With a strong emphasis on educational excellence, my goal is to equip readers with the knowledge and confidence needed to excel in their exams. Through well-researched and thoughtfully written content, I strive to guide and support candidates on their journey to success.