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December 10, 2016

Ratan Watal Committee on Digital Payments Recommendations

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The 11 member committee on Digital Payments has today submitted it's final report to the Union Finance Minister Arun Jaitley today. The committee, set up by the government to overhaul the digital payments infrastructure was headed by Ratan P. Watal (Principal Advisor, NITI Aayog and former Finance Secretary) and has representatives from the Reserve Bank of India (RBI), Unique Identification Authority of India (UIDAI), the tax department and various industry bodies in the payments space. The committee was notified on 23 August 2016 and given a year’s time to submit its final report.

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

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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