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With reference to the Payments Infrastructure Development Fund (PIDF) Scheme, consider the following statements:
- It is managed by the Reserve Bank of India (RBI) to facilitate the development of payment acceptance infrastructure in the country.
- It provides financial assistance to banks and non-bank financial companies (NBFCs) for the deployment of Point of Sale (PoS) terminals.
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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Most Upvoted Answer
With reference to the Payments Infrastructure Development Fund (PIDF) ...
Reserve Bank of India (RBI) recently extended the Payments Infrastructure Development Fund (PIDF) scheme by another two years and will include beneficiaries of the PM Vishwakarma scheme.
About Payments Infrastructure Development Fund (PIDF) Scheme:
- It was first launched by the RBI in January 2021 for a period of three years.
- Objective: Increasing the number of payment acceptance devices multifold in the country.
- PIDF is a fund set up by the RBI, in consultation with major authorised card networks, to facilitate the development of payment acceptance infrastructure in tier-3 to tier-6 cities and the north-eastern states of India.
- The Union Territories of Jammu and Kashmir and Ladakh will also be given special focus.
- Beneficiaries of the PM SVANidhi Scheme in Tier-1 and 2 centres were later included in August 2021.
- Funding:
- The PIDF is funded by the RBI and the major authorized card networks in India.
- The scheme provides financial assistance to banks and non-bank financial companies (NBFCs) for the deployment of PoS terminals and other payment acceptance infrastructure in eligible regions.
- Allocation:
- When establishing criteria for fund allocation, the primary objective will be to identify and assist merchants who have not yet adopted payment acceptance technology, specifically those who lack any payment acceptance devices.
- These merchants may be eligible to receive one physical and one digital acceptance device each through the program.
- Merchants providing essential services (transport, hospitality, etc.), government payments, fuel pumps, PDS shops, healthcare, kirana shops, street vendors, etc., may be covered, especially in the targeted geographies.
- Governance:
- The PIDF will be governed through an Advisory Council and managed and administered by the RBI.
- The implementation of targets shall be monitored by the RBI with assistance from card networks, the Indian Banks’ Association (IBA) and the Payments Council of India (PCI).
Hence option c is the correct answer.
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With reference to the Payments Infrastructure Development Fund (PIDF) ...
Explanation:
The Payments Infrastructure Development Fund (PIDF) Scheme is an initiative managed by the Reserve Bank of India (RBI) to promote the development of payment acceptance infrastructure in the country. It aims to increase the penetration of digital payments by providing financial assistance to banks and non-bank financial companies (NBFCs) for the deployment of Point of Sale (PoS) terminals.
Statement 1: It is managed by the Reserve Bank of India (RBI) to facilitate the development of payment acceptance infrastructure in the country.
This statement is correct. The PIDF Scheme is indeed managed by the Reserve Bank of India (RBI). The RBI is the central banking institution of India and is responsible for formulating and implementing monetary policy, regulating and supervising the financial system, and promoting the development of payment systems in the country. The PIDF Scheme aligns with the RBI's objective of promoting digital payments and improving payment infrastructure in India.
Statement 2: It provides financial assistance to banks and non-bank financial companies (NBFCs) for the deployment of Point of Sale (PoS) terminals.
This statement is also correct. The PIDF Scheme provides financial assistance to banks and non-bank financial companies (NBFCs) for the deployment of Point of Sale (PoS) terminals. PoS terminals are electronic devices used by merchants to accept payments from customers through debit or credit cards. By providing financial support for the deployment of PoS terminals, the PIDF Scheme aims to increase the acceptance infrastructure for digital payments in the country.
Conclusion:
Both the statements given in the question are correct. The Payments Infrastructure Development Fund (PIDF) Scheme is managed by the Reserve Bank of India (RBI) to facilitate the development of payment acceptance infrastructure in the country. It provides financial assistance to banks and non-bank financial companies (NBFCs) for the deployment of Point of Sale (PoS) terminals. This scheme plays a crucial role in promoting digital payments and improving the payment ecosystem in India.
The Payments Infrastructure Development Fund (PIDF) Scheme is an initiative managed by the Reserve Bank of India (RBI) to promote the development of payment acceptance infrastructure in the country. It aims to increase the penetration of digital payments by providing financial assistance to banks and non-bank financial companies (NBFCs) for the deployment of Point of Sale (PoS) terminals.
Statement 1: It is managed by the Reserve Bank of India (RBI) to facilitate the development of payment acceptance infrastructure in the country.
This statement is correct. The PIDF Scheme is indeed managed by the Reserve Bank of India (RBI). The RBI is the central banking institution of India and is responsible for formulating and implementing monetary policy, regulating and supervising the financial system, and promoting the development of payment systems in the country. The PIDF Scheme aligns with the RBI's objective of promoting digital payments and improving payment infrastructure in India.
Statement 2: It provides financial assistance to banks and non-bank financial companies (NBFCs) for the deployment of Point of Sale (PoS) terminals.
This statement is also correct. The PIDF Scheme provides financial assistance to banks and non-bank financial companies (NBFCs) for the deployment of Point of Sale (PoS) terminals. PoS terminals are electronic devices used by merchants to accept payments from customers through debit or credit cards. By providing financial support for the deployment of PoS terminals, the PIDF Scheme aims to increase the acceptance infrastructure for digital payments in the country.
Conclusion:
Both the statements given in the question are correct. The Payments Infrastructure Development Fund (PIDF) Scheme is managed by the Reserve Bank of India (RBI) to facilitate the development of payment acceptance infrastructure in the country. It provides financial assistance to banks and non-bank financial companies (NBFCs) for the deployment of Point of Sale (PoS) terminals. This scheme plays a crucial role in promoting digital payments and improving the payment ecosystem in India.
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With reference to the Payments Infrastructure Development Fund (PIDF) Scheme, consider the following statements: It is managed by the Reserve Bank of India (RBI) to facilitate the development of payment acceptance infrastructure in the country. It provides financial assistance to banks and non-bank financial companies (NBFCs) for the deployment of Point of Sale (PoS) terminals.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?
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With reference to the Payments Infrastructure Development Fund (PIDF) Scheme, consider the following statements: It is managed by the Reserve Bank of India (RBI) to facilitate the development of payment acceptance infrastructure in the country. It provides financial assistance to banks and non-bank financial companies (NBFCs) for the deployment of Point of Sale (PoS) terminals.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about With reference to the Payments Infrastructure Development Fund (PIDF) Scheme, consider the following statements: It is managed by the Reserve Bank of India (RBI) to facilitate the development of payment acceptance infrastructure in the country. It provides financial assistance to banks and non-bank financial companies (NBFCs) for the deployment of Point of Sale (PoS) terminals.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for With reference to the Payments Infrastructure Development Fund (PIDF) Scheme, consider the following statements: It is managed by the Reserve Bank of India (RBI) to facilitate the development of payment acceptance infrastructure in the country. It provides financial assistance to banks and non-bank financial companies (NBFCs) for the deployment of Point of Sale (PoS) terminals.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?.
With reference to the Payments Infrastructure Development Fund (PIDF) Scheme, consider the following statements: It is managed by the Reserve Bank of India (RBI) to facilitate the development of payment acceptance infrastructure in the country. It provides financial assistance to banks and non-bank financial companies (NBFCs) for the deployment of Point of Sale (PoS) terminals.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about With reference to the Payments Infrastructure Development Fund (PIDF) Scheme, consider the following statements: It is managed by the Reserve Bank of India (RBI) to facilitate the development of payment acceptance infrastructure in the country. It provides financial assistance to banks and non-bank financial companies (NBFCs) for the deployment of Point of Sale (PoS) terminals.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for With reference to the Payments Infrastructure Development Fund (PIDF) Scheme, consider the following statements: It is managed by the Reserve Bank of India (RBI) to facilitate the development of payment acceptance infrastructure in the country. It provides financial assistance to banks and non-bank financial companies (NBFCs) for the deployment of Point of Sale (PoS) terminals.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?.
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