{"id":8461,"date":"2020-06-08T11:14:12","date_gmt":"2020-06-08T05:44:12","guid":{"rendered":"https:\/\/triumphias.com\/blog\/?p=8461"},"modified":"2020-06-08T11:14:12","modified_gmt":"2020-06-08T05:44:12","slug":"payments-infrastructure-development-fund","status":"publish","type":"post","link":"https:\/\/triumphias.com\/blog\/payments-infrastructure-development-fund\/","title":{"rendered":"Payments infrastructure development fund"},"content":{"rendered":"<section class=\"hero-section\" data-type=\"type-1\" data-alignment=\"left\">\n<header class=\"entry-header\"><span style=\"color: #0000ff;\"><strong>Relevance: Prelims: Economy<\/strong><\/span><\/p>\n<p><img decoding=\"async\" src=\"https:\/\/pbs.twimg.com\/media\/EZufnWQUcAAlye4.jpg\" alt=\"CNBC-TV18 on Twitter: &quot;. @RBI announces creation of Payments ...\" \/><\/p>\n<p><strong>Why in news?<\/strong><\/p>\n<\/header>\n<\/section>\n<div class=\"entry-content\">\n<p>\u2022 The Reserve Bank of India (RBI) has created a Rs 500-crore Payments Infrastructure Development Fund (PIDF) to encourage acquirers to deploy Points of Sale (PoS) infrastructure \u2014 both physical and digital modes \u2014 in tier-3 to tier-6 centres and north eastern states.<\/p>\n<p><b>About:<\/b><\/p>\n<p>\u2022 The PIDF will be governed through an Advisory Council and managed and administered by RBI.<\/p>\n<p>\u2022 RBI will make an initial contribution of \u20b9250 crore to the PIDF, covering half of the fund, while the remaining contribution will be from card-issuing banks and card networks operating in the country.<\/p>\n<p>\u2022 The PIDF will also receive recurring contributions to cover operational expenses from card-issuing banks and card networks. RBI will also contribute to yearly shortfalls, if necessary.<\/p>\n<p><b>Background:<\/b><\/p>\n<p>\u2022 The setting up of this fund is in line with the recommendations of the report of the committee on deepening of digital payments, chaired by Nandan Nilekani.<\/p>\n<p><b>Role of PIDF:<\/b><\/p>\n<p>\u2022 Given the high cost of merchant acquisition and merchant terminalisation, most of the POS terminals in the country are concentrated in tier 1 and 2 cities and towns and other regions have been left out.<\/p>\n<\/div>\n<p>&nbsp;<\/p>\n<p><span style=\"color: #0000ff;\"><strong>For more such notes, Articles, News &amp; Views Join our Telegram Channel.<\/strong><\/span><\/p>\n<p><a title=\"Telegram Link\" href=\"https:\/\/t.me\/triumphias\" target=\"_blank\"><span style=\"color: #ff0000;\"><strong>https:\/\/t.me\/triumphias<\/strong><\/span><\/a><\/p>\n<p><span style=\"color: #0000ff;\"><strong>Click the link below to see the details about the UPSC \u2013Civils courses offered by Triumph IAS.<\/strong> <\/span><span style=\"color: #ff0000;\"><strong><a style=\"color: #ff0000;\" title=\"Courses available\" href=\"https:\/\/triumphias.com\/pages-all-courses.php\">https:\/\/triumphias.com\/pages-all-courses.php<\/a><\/strong><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Relevance: Prelims: Economy Why in news? \u2022 The Reserve Bank of India (RBI) has created a Rs 500-crore Payments Infrastructure<\/p>\n","protected":false},"author":1,"featured_media":7214,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[123],"tags":[392],"class_list":["post-8461","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-current-affairs","tag-union-public-service-commission-upsc"],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/posts\/8461","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/comments?post=8461"}],"version-history":[{"count":1,"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/posts\/8461\/revisions"}],"predecessor-version":[{"id":8462,"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/posts\/8461\/revisions\/8462"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/media\/7214"}],"wp:attachment":[{"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/media?parent=8461"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/categories?post=8461"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/triumphias.com\/blog\/wp-json\/wp\/v2\/tags?post=8461"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}