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CASHLESS TRANSACTIONS

Panel recommends regulatory regime for digital payments

CRIME JAPAN CARDS Representative image | Reuters

The committee on digital payments headed by Ratan P. Watal, principal advisor, NITI Aayog and former finance secretary has recommended that India must have regulatory regime for digital payments that promotes competition, open access and interoperability among various players.

In its final report submitted to the finance minister, the committee has suggested inclusion of financially and socially excluded groups and at the same time safegurading security of digital transactions.

For a speedy transition towards a digital payments economy, the committee has recommended upgradation of the digital payment infrastructure and a framework to reward innovations for leading efforts in enabling digital payments.

Ministry of finance had constituted the committee on August 23, 2016 to study and recommend measures to promote digital transactions in the country. The committee had representation from RBI, NASSCOM, UIDAI, CBDT, Payments Council of India and IAMAI among others.

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Topics : #Demonetization

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