What changed
RBI operationalised the Payments Infrastructure Development Fund (PIDF) with a corpus of ₹345 crore, comprising ₹250 crore from RBI and ₹95 crore from major card networks (source para 2; note para 6.2 states ₹100 crore from card networks, creating an internal inconsistency). The fund aims to subsidise deployment of payment acceptance devices in Tier-3 to Tier-6 centres, with special focus on North Eastern states and UTs of J&K and Ladakh, targeting 30 lakh new touch points (10 lakh physical, 20 lakh digital) per year for three years, extendable by two more.
What it means for you
Banks and non-bank acquirers can now claim reimbursements from PIDF for deploying payment acceptance infrastructure in underserved areas, reducing their cost burden. This scheme incentivises expansion into Tier-3 to Tier-6 centres and supports digital payment adoption among merchants, including street vendors under PM SVANidhi in Tier-1/2 centres.
What you must do
- Contribute to PIDF within specified timelines as per RBI directions.
- Deploy payment acceptance devices in Tier-3 to Tier-6 centres and eligible Tier-1/2 street vendors.
- Submit reimbursement claims to PIDF for eligible deployments.
- Align with Advisory Council guidelines for target allocation and transparent utilisation.
Who it affects
Card issuing and acquiring banks, Non-bank acquiring entities, Authorised card networks, Merchants in Tier-3 to Tier-6 centres, Street vendors under PM SVANidhi scheme
What is the corpus of PIDF and who contributes?
PIDF has a corpus of ₹345 crore, with ₹250 crore from RBI and ₹95 crore from major authorised card networks (source para 2; note source para 6.2 says ₹100 crore from card networks, indicating a discrepancy).