Economics • Banking & FinanceMedium
Which of the following bodies in India is mandated to set up the 'Payments Infrastructure Development Fund (PIDF)'?
A. Securities and Exchange Board of India
B. Reserve Bank of India✓ Correct Answer
C. National Payments Corporation of India
D. Ministry of Finance
💡 Solution & Explanation
The Reserve Bank of India established the Payments Infrastructure Development Fund to incentivize the deployment of digital payment acceptance infrastructure in tier-3 to tier-6 urban centers and northeastern regions. This fund is jointly contributed to by the central bank, card networks, and participating banks. Regulatory initiatives by the RBI are crucial current affairs topics for banking and civil services exams.
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