The Payments Infrastructure Development Fund (PIDF) Scheme is proposed to be extended for two more years up to December 31, 2025, according to the Reserve Bank of India's Monetary Policy Committee (MPC).

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The PIDF Scheme was first launched by the RBI in January 2021 for a period of three years and, according to the Reserve Bank, is intended to subsidise the deployment of payment acceptance infrastructure in Tier-3 to Tier-6 centres with a special focus on North Eastern states.

While announcing the monetary policy statement on Friday, RBI governor Shaktikanta Das said that the PIDF scheme had enabled over 2.66 crore new payment touchpoints in India since its launch.

"The coverage of the scheme is also being expanded to include the beneficiaries of the PM Vishwakarma Scheme in all centres," he said, adding the measures would accelerate the RBI's efforts to promote digital payments at the grassroots level.

He also said that based on the feedback received from the industry, the deployment of emerging modes of payment acceptance, such as soundbox devices and Aadhaar-enabled biometric devices, is proposed to be encouraged under the PIDF Scheme.

This is expected to accelerate and augment the deployment of payment acceptance infrastructure in the targeted geographies.

The amendments are expected to be notified shortly.

Also Read: RBI MPC keeps India's GDP growth projection unchanged at 6.5% for 2023-24 fiscal: Guv Shaktikanta Das

(Edited by : Amrita)

First Published:Oct 6, 2023 11:09 AM IST