The National Institute for Transforming India(NITI Aayog), has set up a panel of the CMs to decide on the digital payment system and to take it further. The committee on digital payments system will be chaired by Chief Minister of Andhra Pradesh Chandrababu Naidu as decided by the NITI Aayog.
Committee on Digital Payments System chaired by Chandrababu Naidu to discuss the roadmap for implementing digital payment system
The NITI Aayog Vice-Chairman Arvind Panagariya and CEO Amitabh Kant would also be the members of the committee. The special invitees to join the panel in the discussion include UIDAI Former Chairman Nandan Nilekani, Boston Consulting Group Chairman Janmejaya Sinha, netCORE MD Rajesh Sinha, Finance Prof. Jayant Varma at IIM and iSPIRIT Co-founder Sharad Sharma.
“The move is in line with the government’s thinking to promote transperancy, financial inclusion and healthy financial ecosystem nationwide and to give a boost to the adoption of digital payments systems by people at the grass root levels and small businesses.”
-NITI Aayog said on Wednesday
The panel is meant to examine thoroughly the repercussions of the application of digital payment system in India and also to test whether it can be successfully applied in India or not. It would further discuss the important issues such as shifting from a cash-based society to a cashless society by introducing the increased use of banking apps, UPI(Unified Payments Interface), debit cards and credit cards and the digital wallets.
“The committee shall identify and outline measures for rapis expansion and adoption of the system of digital payments like cards(debit, credit and pre-paid), digital wallets/e-wallets, internet banking, Unified Payments Interface(UPI), banking apps etc. and shall broadly indicate the roadmap to be implemented in one year“, NITI Aayog further added.
An official stated that the rigorous implementation of the digital payment system is imeritive in order to avoid leakages in the economy and also for the easy and fast financial transactions.