Ratan Watal Commission On Digital Payments Recommendations

The 11 fellow member commission on Digital Payments has today submitted it’s terminal study to the Union Finance Minister Arun Jaitley today. The committee, educate yesteryear the regime to overhaul the digital payments infrastructure was headed yesteryear Ratan P. Watal (Principal Advisor, NITI Aayog together with old Finance Secretary) together with has representatives from the Reserve Bank of Republic of Republic of India (RBI), Unique Identification Authority of Republic of Republic of India (UIDAI), the revenue enhancement division together with diverse manufacture bodies inwards the payments space. The commission was notified on 23 August 2016 and given a year’s fourth dimension to submit its terminal report.
In it’s terminal report,the Committee has  recommended that a medium term strategy for accelerating inclusion of financially together with socially excluded groups and assimilation of emerging technologies in the market, piece safeguarding security of Digital Transactions and providing grade playing to all stakeholders together with novel players who volition movement into this novel transaction space. 

increase of Digital Payments inwards Republic of Republic of India alongside a regulatory regime which is conducive to bridging the Digital split upward yesteryear promoting competition, opened upward access & interoperability inwards payments. The Report recommends

It has likewise suggested inter-operability of the payments organization between banks together with non-banks, up-gradation of the digital payment infrastructure together with institutions together with a framework to vantage innovations together with for leading efforts inwards enabling digital payments.
Here are the Major Highlights of Watal Committee Recommendations
  • A framework to vantage innovations for leading efforts inwards enabling digital payments.
  • Inclusion of financially together with socially excluded groups together with assimilation of emerging technologies inwards the market.
  • Inter-operability of payments organization betwixt banks together with non-banks, up-gradation of digital payment infrastructure together with institutions.
  • Medium term strategy for accelerating increase of Digital Payments inwards India.
  • The strategy must hold upward backed alongside regulatory regime which is conducive to bridging the Digital split upward yesteryear promoting competition, interoperability together with opened upward access inwards payments.
  • Highlighted the postulate of safeguarding safety of Digital Transactions together with providing grade playing to all stakeholders together with novel players who volition movement into this novel transaction space.  
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