The Reserve Bank of India has created a 'Payments Infrastructure Development Fund' to encourage acquirers to deploy 'Points of Sale' infrastructure in tier-3 to tier-6 centres and northeastern states.
A PoS infrastructure can have physical or digital features to allow online payments for goods or services.
"Over the years, payments ecosystem in the country has evolved with a wide range of options such as bank accounts, mobile phones, cards, etc," the RBI said in a statement.
"To provide further fillip to digitisation of payment systems, it is necessary to give impetus to acceptance infrastructure across the country, more so in underserved areas."
Accordingly, the Reserve Bank will make an initial contribution of Rs 250 crore to the PIDF, covering half the fund and remaining contribution will be from card issuing banks and card networks operating in the country.
"The PIDF will also receive recurring contributions to cover operational expenses from card issuing banks and card networks. The Reserve Bank will also contribute to yearly shortfalls, if necessary," the statement said.
"The PIDF will be governed through an 'Advisory Council' and managed and administered by the Reserve Bank."
<em>(IANS)</em>.
Taiwan's Ministry of National Defence (MND) said on Wednesday that China has launched satellites from…
Indian Navy Chief Admiral Dinesh K Tripathi during his visit to the National Defence College,…
Protesters in Bangladesh have seiged Banga Bhaban, the presidential palace, demanding the resignation of President…
Prime Minister Narendra Modi held a meeting with Iranian President Masoud Pezeshkian on the sidelines…
Prime Minister Narendra Modi discussed the issue of early discharge of the remaining Indian nationals…
India and Pakistan have agreed to extend the validity of the Agreement on Sri Kartarpur…