RBI created Payments Infrastructure Development Fund

Solution

Payments Infrastructure Development Fund (PIDF) was operationalised for a period of three years from January 01, 2021. The objective of PIDF is to increase the number of acceptance devices multi-fold in the country. The Scheme is expected to benefit the acquiring banks / non-banks and merchants by lowering overall acceptance infrastructure cost.   Validity Period and PIDF Target ·         Three years from January 01, 2021, extendable by two further years, if necessary. ·         Increasing payments acceptance infrastructure by adding 30 lakh touch points – 10 lakh physical and 20 lakh digital payment acceptance devices every year.