Shaktikanta Das, governor of the RBI, recently made a significant announcement regarding a PM Modi-sponsored government program. Shaktikanta Das, governor of the RBI, said that PM Vishwakarma will be covered by the Payment Infrastructure Development Fund Scheme (PIDF). Additionally, it was decided to prolong the programme for an additional two years.
It has been decided to keep the program running until 2025.
The Governor stated that it is now recommended to extend the PIDF Scheme for a period of two years, i.e. until December 31, 2025, when announcing the bimonthly monetary policy. The programme was launched for three years. The PIDF system was introduced under the original plan for a period of three years, ending in December 2023.
Over 2.66 billion touchpoints
The beneficiaries of the PM Swanidhi Scheme in Tier-1 and Tier-2 districts, according to Governor Das, were incorporated into the PIDF program in August 2021. By the end of August 2023, the program would have deployed more than 2.66 crores of new “touch points”. According to Das, a request has been made to prolong the PIDF program for a further two years, or until December 31, 2025. There is also a suggestion to include PM Vishwakarma Yojana recipients in all of the centers covered by the PIDF program. Das claimed that the Reserve Bank’s efforts to promote digital transactions at the grassroots level will be bolstered by this decision to broaden the targeted beneficiaries under the PIDF initiative.
Information on the modification will be provided soon.
According to the industry’s response, he said. It is suggested to support the use of developing payment acceptance technologies including soundbox devices and Aadhaar-enabled biometric devices under the PIDF program. This should further accelerate the deployment of payment infrastructure in targeted geographies.
Vishwakarma Yojana began a month ago.
The PM Vishwakarma Yojana was introduced by Prime Minister Narendra Modi last month. This includes a suggestion to provide an up to 8% subsidy on loans supplied to craftspeople. This program offers artisans loans up to Rs 3 lakh at a very reasonable interest rate of 5% without any type of guarantee.
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