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With reference to the payment infrastructure development fund (PIDF) scheme introduced by RBI, consider the following statements:
1. The scheme is intended to subsidise deployment of payment acceptance infrastructure in tier-3 to tier-6 centres, with a particular focus on the country's north-eastern states.
2. The fund will be operational for three years effective from January 1, 2021 and may be extended for two more years.
1. The scheme is intended to subsidise deployment of payment acceptance infrastructure in tier-3 to tier-6 centres, with a particular focus on the country's north-eastern states.
2. The fund will be operational for three years effective from January 1, 2021 and may be extended for two more years.
Which of the statements given above is/are correct?
- a)1 only
- b)2 only
- c)Both 1 and 2
- d)Neither 1 nor 2
Correct answer is option 'C'. Can you explain this answer?
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Verified Answer
With reference to the payment infrastructure development fund (PIDF) s...
The Reserve Bank of India (RBI) announced the operationalisation of the payment infrastructure development fund (PIDF) scheme.
- The scheme is intended to subsidise deployment of payment acceptance infrastructure in tier-3 to tier-6 centres, with a special focus on the country's north-eastern states.
- An advisory council (AC) under the chairmanship of RBI deputy governor BP Kanungo has been constituted for managing the PIDF.
- The fund will be operational for three years effective from January 1, 2021 and may be extended for two more years.
- The RBI shall monitor the implementation of targets with assistance from card networks, the Indian Banks’ Association (IBA), and India's Payments Council (PCI).
- The PIDF presently has a corpus of Rs 345 crore, with Rs 250 crore contributed by the RBI and Rs 95 crore by the country's major authorised card networks.
- The authorised card networks shall contribute in all Rs 100 crore.
- The card issuing banks shall also contribute to the corpus based on the card issuance volume — covering both debit and credit cards — at the rate of `1 and `3 per debit and credit card issued by them, respectively.
- Besides, the PIDF shall also receive annual contributions from card networks and card issuing banks.
Most Upvoted Answer
With reference to the payment infrastructure development fund (PIDF) s...
The Reserve Bank of India (RBI) announced the operationalisation of the payment infrastructure development fund (PIDF) scheme.
- The scheme is intended to subsidise deployment of payment acceptance infrastructure in tier-3 to tier-6 centres, with a special focus on the country's north-eastern states.
- An advisory council (AC) under the chairmanship of RBI deputy governor BP Kanungo has been constituted for managing the PIDF.
- The fund will be operational for three years effective from January 1, 2021 and may be extended for two more years.
- The RBI shall monitor the implementation of targets with assistance from card networks, the Indian Banks’ Association (IBA), and India's Payments Council (PCI).
- The PIDF presently has a corpus of Rs 345 crore, with Rs 250 crore contributed by the RBI and Rs 95 crore by the country's major authorised card networks.
- The authorised card networks shall contribute in all Rs 100 crore.
- The card issuing banks shall also contribute to the corpus based on the card issuance volume — covering both debit and credit cards — at the rate of `1 and `3 per debit and credit card issued by them, respectively.
- Besides, the PIDF shall also receive annual contributions from card networks and card issuing banks.
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Community Answer
With reference to the payment infrastructure development fund (PIDF) s...
The Reserve Bank of India (RBI) announced the operationalisation of the payment infrastructure development fund (PIDF) scheme.
- The scheme is intended to subsidise deployment of payment acceptance infrastructure in tier-3 to tier-6 centres, with a special focus on the country's north-eastern states.
- An advisory council (AC) under the chairmanship of RBI deputy governor BP Kanungo has been constituted for managing the PIDF.
- The fund will be operational for three years effective from January 1, 2021 and may be extended for two more years.
- The RBI shall monitor the implementation of targets with assistance from card networks, the Indian Banks’ Association (IBA), and India's Payments Council (PCI).
- The PIDF presently has a corpus of Rs 345 crore, with Rs 250 crore contributed by the RBI and Rs 95 crore by the country's major authorised card networks.
- The authorised card networks shall contribute in all Rs 100 crore.
- The card issuing banks shall also contribute to the corpus based on the card issuance volume — covering both debit and credit cards — at the rate of `1 and `3 per debit and credit card issued by them, respectively.
- Besides, the PIDF shall also receive annual contributions from card networks and card issuing banks.
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With reference to the payment infrastructure development fund (PIDF) scheme introduced by RBI, consider the following statements:1. The scheme is intended to subsidise deployment of payment acceptance infrastructure in tier-3 to tier-6 centres, with a particular focus on the countrys north-eastern states.2. The fund will be operational for three years effective from January 1, 2021 and may be extended for two more years.Which of the statements given above is/are correct? a)1 only b)2 only c)Both 1 and 2 d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?
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With reference to the payment infrastructure development fund (PIDF) scheme introduced by RBI, consider the following statements:1. The scheme is intended to subsidise deployment of payment acceptance infrastructure in tier-3 to tier-6 centres, with a particular focus on the countrys north-eastern states.2. The fund will be operational for three years effective from January 1, 2021 and may be extended for two more years.Which of the statements given above is/are correct? a)1 only b)2 only c)Both 1 and 2 d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? for Current Affairs 2024 is part of Current Affairs preparation. The Question and answers have been prepared according to the Current Affairs exam syllabus. Information about With reference to the payment infrastructure development fund (PIDF) scheme introduced by RBI, consider the following statements:1. The scheme is intended to subsidise deployment of payment acceptance infrastructure in tier-3 to tier-6 centres, with a particular focus on the countrys north-eastern states.2. The fund will be operational for three years effective from January 1, 2021 and may be extended for two more years.Which of the statements given above is/are correct? a)1 only b)2 only c)Both 1 and 2 d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for Current Affairs 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for With reference to the payment infrastructure development fund (PIDF) scheme introduced by RBI, consider the following statements:1. The scheme is intended to subsidise deployment of payment acceptance infrastructure in tier-3 to tier-6 centres, with a particular focus on the countrys north-eastern states.2. The fund will be operational for three years effective from January 1, 2021 and may be extended for two more years.Which of the statements given above is/are correct? a)1 only b)2 only c)Both 1 and 2 d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?.
With reference to the payment infrastructure development fund (PIDF) scheme introduced by RBI, consider the following statements:1. The scheme is intended to subsidise deployment of payment acceptance infrastructure in tier-3 to tier-6 centres, with a particular focus on the countrys north-eastern states.2. The fund will be operational for three years effective from January 1, 2021 and may be extended for two more years.Which of the statements given above is/are correct? a)1 only b)2 only c)Both 1 and 2 d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? for Current Affairs 2024 is part of Current Affairs preparation. The Question and answers have been prepared according to the Current Affairs exam syllabus. Information about With reference to the payment infrastructure development fund (PIDF) scheme introduced by RBI, consider the following statements:1. The scheme is intended to subsidise deployment of payment acceptance infrastructure in tier-3 to tier-6 centres, with a particular focus on the countrys north-eastern states.2. The fund will be operational for three years effective from January 1, 2021 and may be extended for two more years.Which of the statements given above is/are correct? a)1 only b)2 only c)Both 1 and 2 d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for Current Affairs 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for With reference to the payment infrastructure development fund (PIDF) scheme introduced by RBI, consider the following statements:1. The scheme is intended to subsidise deployment of payment acceptance infrastructure in tier-3 to tier-6 centres, with a particular focus on the countrys north-eastern states.2. The fund will be operational for three years effective from January 1, 2021 and may be extended for two more years.Which of the statements given above is/are correct? a)1 only b)2 only c)Both 1 and 2 d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?.
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