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RBI Issues Guideline On Payments Infrastructure Development Fund

The Reserve Bank of India (RBI) has introduced guidelines for the Payments Infrastructure Development Fund (PIDF) scheme, which will subsidise the deployment of payments touch points across Tier-3 to Tier-6 centres and the North-Eastern states. While the fund will have a corpus of ₹345 crore from the get-go, the RBI has introduced a fee that card networks and card-issuing banks will have to pay based on their annual turnover. Payments infrastructure incurs a cost for all players in the chain, from banks, non-bank players like fintechs and wallet players to Point-of-Sale (PoS) device manufacturers. A PIDF essentially subsides the cost of acquisition for banks to deploy payments infrastructure like physical PoS devices, mobile PoS, GPRS (General Packet Radio Service), PSTN (Public Switched Telephone Network), QR code-based payments and other card based payments methods. The PIDF will operational for three years…

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