 "Reserve Bank of India, RBI")
The Reserve Bank of India (RBI) on Friday said it was setting up a Payment Infrastructure Development Fund (PIDF) with a corpus of Rs 500 crore, with an aim to give a push to digital payments nationwide.
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
