RBI's big announcement on this scheme of PM Modi, will get benefit for two more years

The scheme was started in January, 2021. The objective of this scheme is to set up payment acceptance facilities like POS, QR codes in small and sparsely populated urban areas (Tier-3 to Tier-6), North East States and Union Territories like Jammu and Kashmir and Ladakh.

After the meeting of Reserve Bank of India MPC, many announcements have been made by RBI Governor Shaktikanta Das. In this, a big announcement has been made regarding PM Vishwakarma Yojana. Governor Shaktikanta Das said on Friday that PM Vishwakarma will be included under the Payment Infrastructure Development Fund Scheme. Besides, it has also been decided to extend this PIDF scheme for two years. Announcing the monetary policy, the Governor said that now it is proposed to extend the PIDF scheme for a period of two years i.e. till December 31, 2025.

The scheme was started in January, 2021. The objective of this scheme is to set up payment acceptance facilities like POS, QR codes in small and sparsely populated urban areas (Tier-3 to Tier-6), North East States and Union Territories like Jammu and Kashmir and Ladakh. Under the original plan, the PIDF scheme was brought for three years till December 2023.

Two Year Extension PIDF Scheme

Governor Das said that the beneficiaries of PM Swanidhi Scheme in Tier-1 and Tier-2 areas were included in the PIDF scheme in August, 2021. More than 2.66 crore new touch points have been deployed under the scheme by the end of August, 2023. Das said that now there is a proposal to extend the PIDF scheme for two years i.e. till December 31, 2025. Also, there is a proposal to include the beneficiaries of PM Vishwakarma Yojana in all the centers under the PIDF scheme.

More information will be given soon

Das said that this decision to expand the targeted beneficiaries under the PIDF scheme will boost the Reserve Bank's efforts towards promoting digital transactions at the grassroots level. He said that based on the feedback received from the industry, it is proposed to encourage the deployment of emerging methods of payment permission, such as soundbox devices and Aadhaar-based biometric devices, under the PIDF scheme. This is expected to further accelerate the deployment of payments infrastructure in targeted geographies.

Das said that information regarding these changes will be given soon. Prime Minister Narendra Modi had launched PM Vishwakarma Yojana last month. In this, there is a proposal to give subsidy of up to 8 percent on loans given to artisans. This scheme provides loans up to Rs 3 lakh to artisans at a very cheap interest rate of five percent without any guarantee.