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RBI creates of Payments Infrastructure Development Fund
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SME Times News Bureau | 05 Jun, 2020
The Reserve Bank on Friday
announced the creation of a Payments Infrastructure Development Fund'
with an initial contribution of Rs 250 crore.
Accordingly, the
fund has been created to encourage the adoption of 'Points of Sale'
machines by businesses in tier-3 to tier-6 centres and Northeastern
states.
The PoS machines allow businesses to accept e-payments, thereby, mitigating the need to deal in cash.
Lately, the apex bank has been encouraging the adoption of e-payment modes.
"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."
As per the statement, 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 statement said.
"The Reserve Bank
will also contribute to yearly shortfalls, if necessary. The PIDF will
be governed through an Advisory Council and managed and administered by
the Reserve Bank."
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