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In it's final report,the Committee has recommended that a medium term strategy for accelerating 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.
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
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
It has also 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.
Here are the Major Highlights of Watal Committee Recommendations
- A framework to reward innovations for leading efforts in enabling digital payments.
- Inclusion of financially and socially excluded groups and assimilation of emerging technologies in the market.
- Inter-operability of payments system between banks and non-banks, up-gradation of digital payment infrastructure and institutions.
- Medium term strategy for accelerating growth of Digital Payments in India.
- The strategy must be backed with regulatory regime which is conducive to bridging the Digital divide by promoting competition, interoperability and open access in payments.
- Highlighted the need of safeguarding security of Digital Transactions and providing level playing to all stakeholders and new players who will enter this new transaction space.
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