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DIGITAL PAYMENTS: for ias exam.Some Recommendations

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Published: 24th Oct, 2019

DIGITAL PAYMENTS:  for ias exam.Some Recommendations
  • Watal Committee on Digital payments recommended creation of a matrix for digital payment.
  • According to NITI AYOG, the digital payments market In India is all set to grow to $1 trillion by 2023 led by growth in mobile payments, which are slated to rise from $10 billion in 2017-18 to $190 billion by 2023.
  • In the light of such a tremendous growth of digital payments, the regulations and security of the users’ data has become a challenge for the government.
  • Accordingly, a committee on Digital Payments was constituted by Department of Economic Affairs, Ministry of Finance in August 2016 under the Chairmanship of Ratan P. Watal to recommend medium term measures of promotion of Digital Payments Ecosystem in the country. The Committee submitted its final report to Hon’ble Finance Minister in December 2016.
  • On the basis of recommendations a group of stakeholders from different Departments of Government of India and RBI was constituted in NITI Aayog under the chairmanship Ratan P. Watal to facilitate the work relating to development of a metric for Digital Payments which was the most important recommendation of Watal committe. This group prepared a document on the measurement issues of Digital Payments. Accordingly, a booklet titled “Digital Payments: Trends, Issues and Challenges” was released in July 2017.

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