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RBI creates 'Payments Infrastructure Development Fund'
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SME Times News Bureau | 05 Jan, 2021
The Reserve Bank of India has created a 'Payments Infrastructure
Development Fund' to encourage acquirers to deploy 'Points of Sale'
infrastructure in tier-3 to tier-6 centres and northeastern states.
A PoS infrastructure can have physical or digital features to allow online payments for goods or services.
"Over
the years, payments ecosystem in the country has evolved with a wide
range of options such as bank accounts, mobile phones, cards, etc," the
RBI said in a statement.
"To provide further fillip to
digitisation of payment systems, it is necessary to give impetus to
acceptance infrastructure across the country, more so in underserved
areas."
Accordingly, the Reserve Bank will make an initial
contribution of Rs 250 crore to the PIDF, covering half the fund and
remaining contribution will be from card issuing banks and card networks
operating in the country.
"The PIDF will also receive recurring
contributions to cover operational expenses from card issuing banks and
card networks. The Reserve Bank will also contribute to yearly
shortfalls, if necessary," the statement said.
"The PIDF will be governed through an 'Advisory Council' and managed and administered by the Reserve Bank."
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