Mumbai: Reserve Bank Governor Shaktikanta Das made a significant announcement on Friday, revealing the inclusion of PM Vishwakarma in the ambit of the Payments Infrastructure Development Fund (PIDF) Scheme. This move accompanies an extension of the scheme's tenure by an additional two years.

During the announcement of the bi-monthly monetary policy, Governor Das disclosed that the PIDF Scheme, which was launched in January 2021, has seen a remarkable transformation. The scheme's primary objective remains the incentivization of payment acceptance infrastructure deployment, including physical Point of Sale (PoS) terminals and Quick Response (QR) codes in tier-3 to tier-6 centers, the northeastern states, and the Union Territories of Jammu & Kashmir and Ladakh.

Originally slated for a three-year tenure until December 2023, the PIDF Scheme has undergone several adjustments. In August 2021, beneficiaries of the PM SVANidhi Scheme in Tier-1 and Tier-2 centers were incorporated into the PIDF scheme, expanding its reach.

As of the end of August 2023, an impressive 2.66 crore new touchpoints have been established under the PIDF Scheme. Governor Das announced a proposal to extend the scheme's duration by an additional two years, effectively stretching it until December 31, 2025. Moreover, the plan entails including beneficiaries of the PM Vishwakarma Scheme in all eligible centers under the PIDF Scheme.

This expansion of targeted beneficiaries under the PIDF scheme aligns with the Reserve Bank's commitment to fostering digital transactions at the grassroots level, Governor Das noted. Additionally, responding to industry feedback, the scheme seeks to promote emerging modes of payment acceptance, such as soundbox devices and Aadhaar-enabled biometric devices.

These amendments are anticipated to accelerate and enhance the deployment of payment acceptance infrastructure in the designated regions. Governor Das emphasized that details of these changes would be officially communicated shortly.

The PM Vishwakarma scheme, recently launched by Prime Minister Narendra Modi, introduces substantial benefits for artisans. The scheme offers up to an 8% subsidy on loans provided to artisans, along with collateral-free loans of up to Rs. 3 lakh at a highly attractive interest rate of 5%.

Artisans belonging to 18 distinct fields, including carpenters, goldsmiths, blacksmiths, masons, stone sculptors, barbers, and boatmakers, are encompassed within the scheme's scope. Initially, a loan of Rs. 1 lakh will be disbursed, and upon successful repayment within 18 months, beneficiaries will become eligible for an additional Rs. 2 lakh.

The PM Vishwakarma scheme encompasses a comprehensive array of support components, including financial assistance, advanced skill training, exposure to modern digital techniques and green technologies, brand promotion, access to local and global markets, digital payment facilities, and social security provisions.

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