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RBI Includes PM SVANidhi Scheme beneficiaries To PIDF

As per the Central Bank, this decision to expand the targeted beneficiaries under the PIDF scheme will provide a fillip to the Reserve Bank’s efforts towards promoting digital transactions at the grass-root level.

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Reserve Bank of India, on Thursday, said that it had extended the scheme for encouraging the deployment of Point of Sale (PoS) infrastructure to street vendors which comes under the PM SVANidhi programme. 

The Central Bank in an official statement said, "The Reserve Bank has now decided to include street vendors identified as part of the PM Street Vendor's Atma Nirbhar Nidhi (PM SVANidhi Scheme) in tier-1 and tier-2 centres as beneficiaries under the PIDF Scheme. As hitherto, the street vendors in tier-3 to tier-6 centres will continue to be covered under the Scheme."

The Payments Infrastructure Development Fund (PIDF) scheme, with a corpus of Rs 345 crore, predicts making 30 lakh new touch points each year for digital payments in level 3 to level 6 communities. 

"The Payments Infrastructure Development Fund (PIDF) Scheme was announced by the Reserve Bank on January 5, 2021. The objective of the scheme was to encourage deployment of Points of Sale (PoS) infrastructure (both physical and digital modes) in tier-3 to tier-6 centres and Northeastern states," RBI added in a statement. 

As per the Central Bank, this decision to expand the targeted beneficiaries under the PIDF scheme will provide a fillip to the Reserve Bank’s efforts towards promoting digital transactions at the grass-root level.


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rbi PIDF