Payments Infrastructure Development Fund

Unveiled by the RBI, the Payment Infrastructure Development Fund (PIDF) seeks to boost digital payments infrastructure across tier-3 to tier-6 centres. The fund will be used to subsidise banks and non-banks for deploying payment infrastructure. It will be operational for three years from 1 January 2021. It may extend for two additional years depending on the progress. Contribution to this fund will be mandatory for banks and card networks.