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    HomeBusinessRBI proposes modifications to PIDF scheme

    RBI proposes modifications to PIDF scheme

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    Money & Banking

    ‘Will lead to more players setting up payment infrastructure’

    The Reserve Bank of India has proposed to modify the Payments Infrastructure Development Fund (PIDF) scheme.

    “It is now proposed to make modifications to the PIDF scheme by enhancing the subsidy amount, simplifying the subsidy claim process and other steps,” said RBI Governor Shaktikanta Das on Wednesday, adding that this will further accelerate and augment the deployment of payment acceptance infrastructure in the targeted geographies. 

    The amendments will be notified shortly. The PIDF scheme was operationalised by the RBI in January 2021 to incentivise the deployment of payment acceptance infrastructure such as physical Point of Sale (PoS), mPoS (mobile PoS), Quick Response (QR) codes in Tier-3 to 6 centres and north-eastern States.

    As of end-April 2022, more than 1.18 crore new touch points have been deployed under the scheme, against a target of 90 lakh PoS terminals and QR codes to be deployed over three years by 2023-end. Beneficiaries of PM SVANidhi Scheme in Tier-1 and 2 centres were later included in August 2021.

    Experts said the modification proposed will lead to more players setting up payment infrastructure.

    “Concentration on enhancing the digital payment acceptance infrastructure is crucial for the growth of the ecosystem. Enhancing the subsidy amount and simplifying the subsidy claim process will encourage more players to set up merchant acquiring services like POS and QR,” said Ramesh Narasimhan, CEO, Worldline India.

    Published on June 08, 2022

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