Committee on Digital Payments submits its Final Report to Fin Min

New Delhi, Dec 10 (KNN) The Committee on Digital Payments submitted its final report to Finance Minister Arun Jaitley with suggestions to boost digital payment in the country.

The Report recommends inclusion of financially and socially excluded groups and assimilation of emerging technologies in the market, while safeguarding security of Digital Transactions and providing level playing to all stakeholders and new players who will enter this new transaction space. 

It has suggested inter-operability of the payments system between banks and non-banks, up-gradation of the digital payment infrastructure and institutions and a framework to reward innovations and for leading efforts in enabling digital payments.

“In its Report, the Committee has  recommended that a medium term strategy for accelerating growth of Digital Payments in India with a regulatory regime which is favourable to overpass the Digital divide by promoting competition, open access & inter-operability in payments” Finance Ministry said in  a statement.

The Committee constituted by the Ministry of Finance under the chairmanship of Ratan P. Watal, Principal Advisor, NITI Aayog and former Finance Secretary submitted its final report to the Finance Minister on Friday.

The Report recommends inclusion of financially and socially excluded groups and assimilation of emerging technologies in the market, while safeguarding the security of Digital Transactions.

The Committee, which had submitted an interim report on November 21, had provided a framework for smooth and speedy transition.

"It has suggested inter-operability of the payments system between banks and non-banks, up-gradation of the digital payment infrastructure and institutions and a framework to reward innovations and for leading efforts in enabling digital payments," it added.

Towards finalization of the Report, the Committee engaged extensively with all stakeholders and technology groups including Reserve Bank of India, State Governments, Comptroller Auditor General of India, Payment companies, Technology Companies and the Academia.

The government had constituted the Committee on August 23 to review the payment systems in the country and to recommend appropriate measures for encouraging digital payments.