RBI extends Payments Infrastructure Development Fund (PIDF) Scheme till 2025.
About PIDF Scheme
- It was first operationalized in 2021 for three years.
- Aims 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.
- It was extended to street vendors covered under PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi Scheme) in Tier-1 and Tier-2 centres.
- PIDF is governed through an Advisory Council and managed and administered by RBI.
- Types of Acceptance Devices Covered: Physical PoS, mPoS (mobile PoS), GPRS (General Packet Radio Service), PSTN (Public Switched Telephone Network) etc.
To widen the scope of beneficiaries and acceptance infrastructure, following enhancements are being 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.
Other Initiatives to Promote Digital Payments
- Aadhar Enabled Payment System allows individuals to conduct financial transactions on a Micro-ATM using Aadhar
- Aadhar Payment Bridge System allows ease in bulk and recurring Government benefits and subsidy payments
- Unified Payments Interface introduced as single platform merging various banking services and features under one umbrella
- Pradhan Mantri Gramin Digital Saksharta Abhiyan (PMGDISHA) to usher in digital literacy