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Committee on Digital Payments - Medium Term Recommendations to Strengthen Digital Payments Ecosystem

News and Press Release - Dated:- 11-1-2017 - The Committee recommends that the Government and RBI shifts gears and undertake structural reforms. The major recommendations of the Committee are highlighted below : The Government may consider the following recommendations: R- 1 Make regulation of payments independent from the function of central banking. The Committee weighed two options on how best this be implemented: (i) create an new payments regulator, or (ii) make the current Board for Regula .....

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oF: Finalisation of structure of PRB may be done in 30 days. R- 2 Update the current Payments and Settlement Systems Act, 2007 to include explicit mandate for (i) competition and innovation, (ii) open access and interoperability, (iii) consumer protection including penalties and independent appeal mechanism, (iv) regulations on systemic risks, (v) data protection and security and (v) a process of regulatory governance. The Committee has provided drafting instructions for the new Payments and Set .....

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consumers to pay digitally, (iv) incentivise consumers to make payments (including payment of fines and penalties) to Government electronically by giving a discount or cash back, (v) enable consumers to make payments (including taxes) to Government through suitable digital means like cards and wallets, (vi) special emphasis to promote digital payments for recurring low value transactions and (vii) reduce custom duties on payments acceptance equipment. - Implementation agencies listed in recomme .....

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k to encourage and recognise government departments, State Governments, districts and panchayats and other market participants who lead the efforts on enabling digital payments - Implementation by NITI Aayog along with State Governments. Development of the framework maybe achieved in 60-90 days. R- 6 Implement other measures to promote digital payments including (i) promoting Aadaar based eKYC and paperless authentication (including where Permanent Account Number (PAN) has not been obtained), (i .....

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