The Committee on Digital Payments constituted by the Ministry of Finance, Department of Economic Affairs under the Chairmanship of Shri. Ratan P. Watal, Principal Advisor, NITI Aayog and former Finance Secretary to the Government of India today submitted its Final Report to the Union Finance Minister Shri Arun Jaitley in his office in national capital.
- 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 conducive to bridging the Digital divide by promoting competition, open access & interoperability in payments.
- 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.
- It also studied the feasibility of creating a payments history of all card/digital payments and ensure that merchants/consumers can leverage the data to access “instant, low-cost micro-credit” through digital means and create necessary linkage between the payment history and credit information.
- It has also recommended need for changes in the regulatory mechanism under various laws, relevant for the purpose of promotion of payments by digital modes.
- It also suggested ways for leveraging Aadhaar, or any other proof of identity for authentication of card/digital transactions and setting up of a centralised KYC Registry.
- The committee also delved into the scope of integration of all government systems like Public Finance Management System, PayGov, Bharatkosh and eKuber.