New Delhi, Dec 1 (KNN) NITI Aayog has constituted a Committee of Chief Ministers representing different political parties to examine and promote the use of digital payment systems across the country.

The move is in line with the Government’s thinking to promote transparency, financial inclusion and a healthy financial ecosystem nationwide and to give a boost to the adoption of digital payments systems by people at the grass root levels and small businesses.

The Committee will also include Vice Chairman, NITI Aayog; CEO, NITI Aayog; and experts.

Chandrababu Naidu, Chief Minister of Andhra Pradesh, will be the Convener of the Committee, Chief Ministers of Madhya Pradesh, Sikkim, Puducherry, Maharashtra and Arvind Panagariya, Vice- Chairman, NITI Aayog, will be the Members, Amitabh Kant, CEO, NITI Aayog will be the Member Secretary. There would also be some Special Invitees including Nandan Nilekani, former Chairman, UIDAI, Dr. Jayant Varma, Professor (Finance), IIM (Ahmedabad) and more.

The Committee will identify the global best practices for implementing an economy primarily based on digital payment and examine the possibility of adoption of these global standards in the Indian context.

The Committee will also identify and outline measures for rapid expansion and adoption of the system of digital payments like cards (Debit, Credit and pre-paid), Digital-wallets/ E-wallets, internet banking, Unified Payments Interface (UPI), banking apps etc. and shall broadly indicate the road map to be implemented in one year.

It shall evolve an action plan to reach out to the public at large with the objective to create awareness and help them understand the benefits of such a switchover to digital economy.

It shall prepare a roadmap for the administrative machineries in the States to facilitate adoption of digital modes of financial transactions; Identify and address bottlenecks and indicate solutions pertaining to adoption of the steps required to move towards a digital payments economy; Associate the key stakeholders for implementation of the suggested steps towards a digital payments economy; and Delineate and adopt measures evolved by the Committee of Officers constituted for the purpose.

It will also devise its own procedures for conducting business/ meetings/ constitution of sub-groups, etc. (With PIB Inputs)