Panel on digital payments submits report

The committee submitted its report to finance minister Arun Jaitley on Friday.

By: ENS Economic Bureau | New Delhi | Published: December 10, 2016 1:02 am
digital payment, demonetisation, online payment, online transaction, Ratan P Watal, online shopping, pos machines, e cod, indian express news, india news The panel was entrusted with the task of recommending steps to promote card payments through incentives like tax rebates and cash back schemes.

A committee headed by former finance secretary Ratan P Watal to suggest ways to make India a digital payment economy has suggested inter-operability of the payments system between banks and non-banks, up-gradation of the digital payment infrastructure. The committee submitted its report to finance minister Arun Jaitley on Friday.

“The Report recommends 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,” the finance ministry said in a statement. “It has 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,” it said.

The panel was entrusted with the task of recommending steps to promote card payments through incentives like tax rebates and cash back schemes.

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