8(Acceptance Development Fund) Flashcards
1
Q
What is this
A
Its a proposed fund by RBI in its Payment System Vision Document 2021.
It was also suggested by Nandan Neilekani committee on “Deepening Digital Payments”
2
Q
What is PoS
A
It that machine that you see in counter of MacD,KFC,Relaince trends to accept the credit and debit card machines.
3
Q
what is the fund all about
A
RBI wants to set it up because Govt wants payments to be made in electronic format.
But it is seen only in Tier 1 and 2 cities. So to incentives the Tier 3 and Tier 4 cities merchants on PoS machine this fund will be used.
4
Q
From where the money will come to the fund
A
1 NABARD’s Financial Inclusion Fund
2 RBI’s Depositors Education and Awareness Fund
