MEASURES TO PROMOTE CASHLESS ECONOMY

Question 1

What was the name of the committee set up by the Reserve Bank of India (RBI) to promote a cashless economy?

Answer 1

The Nandan Nilekani Committee (formed in 2019)

Question 2

How has the Union Budget helped to promote the move towards a cashless economy?

Answer 2

By imposing limits and restrictions on cash transactions.

Question 3

What does PIDF stand for?

Answer 3

Payments Infrastructure Development Fund

Question 4

What are the goals of the Payments Infrastructure Development Fund?

Answer 4

To provide funding and subsidies.
To encourage merchants to adopt point-of-sale (POS) card swiping machines.
To focus on small towns, villages, and northeastern states.

Question 5

When was the PIDF set up, and what was the initial corpus?

Answer 5

Established in June 2020.
Initial corpus of ₹500 crore funded by the RBI, banks, and card gateway operators.