RBI creates Payments Infrastructure Development Fund to boost digitisation

The RBI makes an initial contribution of Rs 250 crore covering half the fund

In an effort to give a push to digital payments across the country, the Reserve Bank of India (RBI) on Friday said they are setting up a Payment Infrastructure Development Fund (PIDF) of Rs 500 crore. The RBI has made an initial contribution of Rs 250 crore covering half the fund. The remaining will come from the card issuing banks and card networks operating in the country.

This fund has been created to encourage acquirers to deploy point of sale (PoS) infrastructure, both physical and digital, in tier-3 to tier-6 centres and north eastern states. This is in line with the