Categories: Economy

RBI creates 'Payments Infrastructure Development Fund'

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>.

AddThis Website Tools
indianarrative

Recent Posts

Out of all FTAs signed so far, India-UK FTA is biggest, most comprehensive, and most important: Piyush GoyalOut of all FTAs signed so far, India-UK FTA is biggest, most comprehensive, and most important: Piyush Goyal

Out of all FTAs signed so far, India-UK FTA is biggest, most comprehensive, and most important: Piyush Goyal

The India-UK Free Trade Agreement, signed by Prime Minister Narendra Modi and UK Prime Minister…

13 hours ago
10.18 crore women screened for cervical cancer under Ayushman Arogya Mandirs and NHM10.18 crore women screened for cervical cancer under Ayushman Arogya Mandirs and NHM

10.18 crore women screened for cervical cancer under Ayushman Arogya Mandirs and NHM

The Ministry of Health and Family Welfare has achieved a major milestone in women's health,…

16 hours ago
Operation Sindoor is our resolve, message, response: COAS Upendra Dwivedi on Kargil Vijay DiwasOperation Sindoor is our resolve, message, response: COAS Upendra Dwivedi on Kargil Vijay Diwas

Operation Sindoor is our resolve, message, response: COAS Upendra Dwivedi on Kargil Vijay Diwas

Chief of Army Staff General Upendra Dwivedi on Saturday addressed the Kargil Vijay Diwas celebrations…

16 hours ago
“Our forces fought against impossible odds”: CDS General Anil Chauhan pays tribute to Kargil Bravehearts on Vijay Diwas“Our forces fought against impossible odds”: CDS General Anil Chauhan pays tribute to Kargil Bravehearts on Vijay Diwas

“Our forces fought against impossible odds”: CDS General Anil Chauhan pays tribute to Kargil Bravehearts on Vijay Diwas

Chief of Defence Staff General Anil Chauhan on Saturday paid heartfelt tribute to the brave…

17 hours ago
Hamas is the obstacle”: Netanyahu on stalled hostage dealHamas is the obstacle”: Netanyahu on stalled hostage deal

Hamas is the obstacle”: Netanyahu on stalled hostage deal

Israeli Prime Minister Benjamin Netanyahu on Friday said that Israel and the United States are…

22 hours ago
Cambodia-Thailand border clashes: UNSC convenes urgent meetingCambodia-Thailand border clashes: UNSC convenes urgent meeting

Cambodia-Thailand border clashes: UNSC convenes urgent meeting

Both Cambodia and Thailand have written to the United Nations Security Council (UNSC) following two…

22 hours ago