RBI includes PM SVANidhi Scheme beneficiaries under PIDF Scheme
- The Reserve Bank of India has announced to include street vendors of tier-1 and tier-2 centres, identified as part of the PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi Scheme) as beneficiaries under the Payments Infrastructure Development Fund (PIDF) Scheme.
- Payments Infrastructure Development Fund (PIDF) Scheme was launched by RBI to encourage deployment of Points of Sale (PoS) infrastructure (both physical and digital modes) in tier-3 to tier-6 centres and north eastern states.
- So now RBI has specifically allowed street vendors of Tier-1 and Tier-2 centres, to be part of PIDF Scheme. The street vendors in tier-3 to tier-6 centres will continue to be covered under the Scheme by default.
- PIDF presently has a corpus of Rs. 345 crore.
Points to remember:
- Present corpus of PIDF Scheme?= Rs 345 crore
- RBI has included beneficiaries under which scheme for tier-1 and tier-2 centres under PIDF Scheme?- PM SVANidhi Scheme
Source: RBI
What is Payments Infrastructure Development Fund (PIDF) Scheme?
PIDF is intended to subsidise deployment of payment acceptance infrastructure in Tier-3 to Tier-6 centres with a special focus on the North-Eastern States of the country. A fund will be created, the money from which will be utilised for the creation of payment infrastructure like PoS across the country.
What is PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) Scheme?
PM SVANidhi (PM स्वनिधि ) aims for providing affordable loans to street vendors. It is a scheme for micro-credit facilities to street vendors.