Money & Banking

Govt sets up 13-member panel to draw roadmap for digital payment systems

Our Bureau New Delhi | Updated on January 15, 2018 Published on November 30, 2016

Includes six Chief Ministers and industry experts

The government on Wednesday set up a 13-member committee to formulate a roadmap to implement measures that promote digital payment systems and move towards a healthy financial ecosystem.

Chandrababu Naidu, Chief Minister of Andhra Pradesh, will be the convener of the committee which includes five other Chief Ministers.

These include Odisha Chief Minister Naveen Patnaik, Madhya Pradesh Chief Minister Shivraj Singh Chouhan, Maharashtra Chief Minister Devendra Fadnavis, Sikkim Chief Minister Pawan Kumar Chamling and Puducherry Chief Minister V Narayanaswamy.

Other members include NITI Aayog Vice-Chairman Arvind Panagariya and NITI Aayog CEO Amitabh Kant who will also serve as the Secretary of the Committee. Special invitees include former UIDAI Chairman Nandan Nilekani, BCG Chairman Janmejaya Sinha, netCore MD Rajesh Jain, iSPIRIT Co-founder Sharad Sharma and IIM-Ahmedabad Professor Jayant Verma.

An official statement said that 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.

It will also outline measures for rapid adoption of digital payments system through cards, digital wallets, internet banking and Unified Payments Interface among others and will set a roadmap for implementation of these measures in the next 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 switch over to digital economy. It shall prepare a roadmap for the administrative machineries in the States to facilitate adoption of digital modes of financial transactions,” the statement added.

The committee has also been commissioned to identify and address bottlenecks pertaining to adoption of steps required to move towards a digital payment economy.

Published on November 30, 2016
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