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Question

Read the following passage and answer the next 3 question (Q15 to Q17) More than 4.11 lakh PoS, mobile PoS and other physical devices were deployed across the country under the Payments Infrastructure Development Fund (PIDF) scheme as on April 30, 2022, as per an update from the RBI. Besides, 1,14,05,116 digital devices, including inter-operable QR code-based payments such as UPI QR, Bharat QR, were deployed under the scheme. In June 2022, theRBIannounced that to give further impetus to deployment ofpaymentacceptance touchpoints, the PIDF scheme is being modified by enhancing the subsidy amount and simplifying the subsidy claim process. This will further accelerate the deployment ofpaymentacceptance touchpoints across the country, with special focus on rural areas. All eligible installations since the inception of the scheme may prefer claims under the revised scheme, the central bank had said. Source : Business Standard

Which of the following statement(s) is are correct regarding Payments Infrastructure Development Fund (PIDF) ?

    1. PIDF was operationalised in January 2021
    2. The contribution to the fund is made by RBI, authorised card networks and card issuing banks .
    3. The PIDF subsidises deployment of Points of Sale (PoS) infrastructure (physical and digital modes) in Union territories and north-eastern states of the country .

A Only I Correct Answer Incorrect Answer
B I and II Correct Answer Incorrect Answer
C I and III Correct Answer Incorrect Answer
D II and III Correct Answer Incorrect Answer
E All of the above Correct Answer Incorrect Answer

Solution

Payment infrastructure development fund (PIDF) • Operationalised in January 2021 • Subsidises deployment of PoS infrastructure in tier-3 to tier 6 cities and North east states • From Aug 2021, beneficiaries of PMSVANidhi in tier-1 and tier-2 also covered • Advisory Council chaired by DG Mr. T Rabi Shankar • Contribution to PIDF was Rs. 798.94 crore as of March 31, 2022 and around Rs.811 crore as of April 30, 2022. Of this, RBI has contributed Rs.250 crore while the remaining is by Authorised card networks/Card Issuing banks .

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