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Committees on digital payments submit recommendations

Committees on digital payments submit recommendations

A committee had been constituted by the Department of Economic Affairs, under the Chairmanship of Ratan P Watal, former Finance Secretary and Principal Adviser, Niti Aayog, in August 2016 to review medium term measures necessary to promote digital payment systems in the country. This Committee on Digital Payments has recommended structural reforms in the payment ecosystem, including amendments to the Payment and Settlement Systems Act, 2007. The report of the Committee is available on the website of the Ministry of Finance at http://finmin.nic.in

Pursuant to the government initiative to promote digital payments, two committees were constituted in Niti Aayog; (i) Cabinet Secretariat constituted a Committee of Secretaries under the chairmanship of CEO, NITI Aayog on Friday, 25 November 2016 to identify and operationalise in the earliest possible time frame, user friendly digital payment options in all sectors of the economy and (ii) NITI Aayog constituted a Committee of Chief Ministers with Chandrababu Naidu, Chief Minister of Andhra Pradesh as the Convener on 30 November 2016 for suggesting measures to seamlessly enable all sections of the population to migrate to the digital mode of payment as well as to recommend measures that would enable India to leapfrog into the advanced digital payment systems regime that compares with the best global standards.

The Committee of Chief Ministers submitted its interim report to the Prime Minister on 24 January 2017. The interim report of the Committee of Chief Ministers on digital payments can be seen on http://niti.gov.in/writereaddata/files/new_initiatives/book.pdf

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