RBI Makes Major Announcement Regarding PM Modi’s Plan Beneficiaries Will Receive Additional Benefits for 2 Years

RBI Makes Major Announcement Regarding PM Modi's Plan Beneficiaries Will Receive Additional Benefits for 2 Years

Prime Minister Modi’s Vishwakarma Scheme, RBI Makes Major Announcement Regarding PM Modi’s Plan, Vishwakarma Scheme benefits, Prime Minister Modi’s Vishwakarma Scheme updates

Prime Minister Modi’s Vishwakarma Scheme:

The governor of the Reserve Bank of India, Shakti kanta Das, has made a big statement regarding a government program. The Payment Infrastructure Development Fund (PIDF) will include PM Vishwakarma, according to Reserve Bank of India Governor Shakti kanta Das. It has also been decided to prolong the program for an additional two years.

The PM Vishwakarma plan will now be extended for an extra two years, until December 31, 2025, according to Governor Das, who made the announcement when delivering the bimonthly monetary policy.

Beginning of the program in January 2021:

In order to extend the reach of basic infrastructure, such as Point of Sale (PoS) centers and Quick Response (QR) codes for accepting payments, in small and low-population urban areas (Tier-3 to Tier-6), northeastern states, and centrally administered regions like Jammu and Kashmir and Ladakh, the PM Vishwakarma scheme was introduced in January 2021.

Initially a Three-Year Program: The PIDF program was initially implemented for a three-year period, ending in December 2023.

Over 2.66 billion touch points

According to Governor Das, the PIDF program began accepting PM Swannidhi beneficiaries in August 2021 in Tier-1 and Tier-2 districts. Over 2.66 crore new “touch points” will have been set up under the plan by the end of August 2023.

Beneficiaries of the Vishwakarma Scheme Inclusion:

Beneficiaries of the PM Vishwakarma plan should be included in all centers covered by the PIDF program, according to Governor Das’ proposal. He said that the decision to broaden the PIDF scheme’s list of eligible beneficiaries will encourage digital transactions at the local level and support the Reserve Bank’s initiatives.

Soon, Information Will Be Provided Regarding Amendments:

Governor Das stressed that the PIDF scheme aims to promote payment acceptance techniques including sound box devices and Aadhaar-enabled biometric devices based on feedback from the industry. This should hasten the deployment of the payment infrastructure in the targeted regions. We’ll soon share more details on these changes.

Vishwakarma Scheme Launched Last Month:

The PM Vishwakarma initiative was launched by Prime Minister Narendra Modi last month. It contains a clause that allows for up to 8% subsidies on loans given to artisans. This program provides no-collateral loans to craftsmen for amounts up to three lakh rupees at a very reasonable interest rate of 5%.

In conclusion, the government’s commitment to promote digital payments and improving infrastructure in neglected areas, which will ultimately assist artisans and small businesses across India, is shown in the extension of the PM Vishwakarma initiative and its inclusion in the PIDF.

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