RBI sets up Rs 5 billion worth payment infrastructure development fund

The Reserve Bank of India (RBI) has set up a Payment Infrastructure Development Fund (PIDF) worth Rs 5 billion with the aim of supporting and improving the development of a digital payments ecosystem in the rural and north-eastern areas of the country. To this end, RBI has put in an initial seed contribution of Rs 2.5 billion in the PIDF. While RBI will manage and administer the PIDF, an advisory council will be set up for its governance.