RBI creates Payment Infrastructure Development Fund

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News: Reserve Bank of India(RBI) has created a Payment Infrastructure Development Fund of Rs 500 crores.

Facts:

  • Aim: To encourage the deployment of Points of Sale(PoS) infrastructure both physical and digital modes in smaller cities, towns and north eastern states.
  • Contribution: RBI will make an initial contribution of Rs 250 crore to the fund. The remaining contribution will come from card-issuing banks and card networks operating in the country.
  • Nodal Department: The fund will be governed by an advisory council and administered by the RBI.