Updated December 29th, 2023 at 17:06 IST
RBI extends Payments Infrastructure Development Fund scheme with enhanced features
As of November 30, the corpus of PIDF stands at Rs 1026.37 crore, showcasing its commitment to supporting the growth of payment infrastructure in the country.
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The Reserve Bank of India (RBI) has announced the extension of its Payments Infrastructure Development Fund (PIDF) Scheme for an additional two years, up to December 31, 2025. Operationalised in January 2021 for a three-year period, the scheme aims to promote the deployment of payment acceptance infrastructure, including physical Point of Sale (PoS) terminals and Quick Response (QR) codes.
The objective is to enhance the accessibility of such infrastructure in tier-3 to tier-6 centres, North Eastern states, and Union Territories (UTs) of Jammu & Kashmir and Ladakh. Notably, beneficiaries of the PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi Scheme) in tier-1 and tier-2 centres were included as of August 26, 2021.
As part of the extension and to broaden the scope of beneficiaries and acceptance infrastructure, the RBI has introduced several enhancements to the PIDF Scheme:
- Inclusion of PM Vishwakarma Scheme Beneficiaries: Merchants benefiting from the PM Vishwakarma Scheme in all centres are now included as eligible beneficiaries under the PIDF Scheme.
- Expansion of Eligible Devices: Sound Box devices and Aadhaar-enabled biometric devices are now eligible to claim subsidies under the PIDF Scheme.
- Uniform Subsidy for Special Focus Areas: The subsidy for special focus areas, including North Eastern states and UTs of Jammu & Kashmir and Ladakh, has been standardised at 90 per cent of the cost of the device, irrespective of the device type.
- The revised PIDF Scheme, issued recently, aims to foster the development of robust payment infrastructure across diverse regions and empower merchants with the tools needed for digital transactions.
As of November 30, 2023, the corpus of PIDF stands at Rs 1026.37 crore, showcasing its commitment to supporting the growth of payment infrastructure in the country. The RBI continues to play a pivotal role in promoting financial inclusion and digital payment accessibility across various tiers of the Indian economy.
Published December 29th, 2023 at 17:06 IST