RBI creates Payments Infrastructure Development Fund

The Reserve Bank of India has announced the creation of a Payments Infrastructure Development Fund (PIDF). The aim of this fund is to promote the usage of Points of Sale (PoS) infrastructure.
The fund will encourage acquirers to deploy Points of Sale (PoS) infrastructure (both physical and digital modes) in tier-3 to tier-6 centres and north eastern states.
The Reserve Bank will make an initial contribution of Rs 250 crores to the PIDF covering half the fund. The remaining Rs 250 crores 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 PIDF will be governed through an Advisory Council and managed and administered by Reserve Bank.