Context:
RBI extended Payments Infrastructure Development Fund (PIDF) Scheme till 2025.
PIDF Scheme:
- Aim – To encourage deployment of payment acceptance infrastructure such as physical Point of Sale (PoS) terminals, Quick Response (QR) codes, in tier-3 to tier-6 centres, North eastern states and UTs of J &K and Ladakh.
- Launched and administered by – Reserve Bank of India (RBI)
- 1st operationalized in 2021 for 3 years.
- Extended to street vendors covered under PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi Scheme) in Tier-1 and Tier-2 centres.
- Governed through – Advisory Council
- Types of Acceptance Devices Covered – Physical PoS, mPoS (mobile PoS), GPRS (General Packet Radio Service), PSTN (Public Switched Telephone Network) etc.
- Funded by – RBI and major authorized card networks in India
- Enhancements made under the scheme –
- Beneficiaries of PM Vishwakarma Scheme in all centres included as merchants under PIDF Scheme.
- Sound Box devices and Aadhaar-enabled biometric devices are eligible for claim of subsidy under Scheme.
- Subsidy for special focus areas has been made uniform at 90% of the cost of device, irrespective of the type of device.
Must Read: Digital India Programme
Source: Economic Times
Previous Year Question
What is/are the purpose/purposes of the ‘Marginal Cost of Funds based Lending Rate (MCLR)’ announced by RBI?
1. These guidelines help improve the transparency in the methodology followed by banks for determining the interest rates on advances.
2. These guidelines help ensure availability of bank credit at interest rates which are fair to the borrowers as well as the banks.
Select the correct answer using the code given below.
[UPSC Civil Services Exam – 2016 Prelims]
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 nor 2
Answer: (c)
