Lok Sabha Question No. 1756 (UNSTARRED), answered on 2017-03-10
Subject: Committee on Digital Payments
Ministry: FINANCE
Asked by: BIDYUT BARAN MAHATO, T. RADHAKRISHNAN, M. B. RAJESH, SUNIL BALIRAM GAIKWAD, VIJAY KUMAR S.R., SUDHEER GUPTA, V. SATHYABAMA, GAJANAN CHANDRAKANT KIRTIKAR, KUNWAR HARIBANSH SINGH, RAMACHANDRAN MULLAPPALLY, A.T. (NANA) PATIL, T.G. VENKATESH BABU

## GOVERNMENT OF INDIA

## MINISTRY OF FINANCE

## DEPARTMENT OF ECONOMIC AFFAIRS

## LOK SABHA UNSTARRED  QUESTION NO. 1756

TO BE ANSWERED ON 10 th  MARCH, 2017/ PHALGUNA 19, 1938 (SAKA)

## COMMITTEE ON DIGITAL PAYMENTS QUESTION

1756: SHRI  BIDYUT  BARAN  MAHATO:  SHRI  T.  RADHAKRISHNAN:  SHRI  M.B. RAJESH:  DR.  SUNIL  BALIRAM  GAIKWAD:  SHRI  S.R.  VIJAYAKUMAR:  SHRI SUDHEER  GUPTA:  SHRIMATI  V.  SATHYA  BAMA:  SHRI  GAJANAN  KIRTIKAR: KUNWAR HARIBANSH SINGH:  SHRI  MULLAPPALLY  RAMACHANDRAN:  SHRI A.T. NANA PATIL: SHRI VENKATESH BABU T.G:

Will the Minister of FINANCE be pleased to state:

- (a)   whether the Government set up Committee on Digital Payments;
- (b) if so, whether the said Committee has submitted its report to the Government;
- (c) if so, the details thereof along with the major recommendations made by the Committee;
- (d) whether any fiscal decision has been taken by the Government on the recommendations of the Committee;
- (e)  if  so,  the  details  thereof  and  if  not,  the  reasons  therefor  and  the  time  by  which  the recommendations is likely to be implemented; and
- (f) the steps taken/being taken by the Government to create an authority and formulation of a policy to regulate changes that promote digital payment in the country?

## ANSWER

## MINISTER OF STATE IN THE MINISTRY OF FINANCE (SHRI ARJUN RAM MEGHWAL)

(a)  to  (f)  A  committee  was  constituted  by  Department  of  Economic  Affairs,  under  the Chairmanship  of  Shri  Ratan  P.  Watal,  Former  Finance  Secretary  and  Principal  Adviser,  Niti Aayog, in August 2016 to review medium term measures necessary to promote digital payment system in the country.  This Committee on Digital Payments has recommended structural reforms in the payment eco system, including amendments to the Payment and Settlement Systems Act, 2007.  The report of the Committee is  available on the website of the  Ministry of Finance at http://finmin.nic.in

Pursuant  to  the  Government  Initiative  to  promote  digital  payments,  two  committees  were constituted in Niti Aayog;  (i) Cabinet Secretariat constituted a Committee of Secretaries under the chairmanship of CEO, NITI Aayog on Friday, 25th November 2016  to identify and operationalize in  the  earliest  possible  time  frame  user  friendly  digital  payment  options  in  all  sectors  of  the economy and (ii) NITI Aayog constituted a Committee of Chief Ministers with Shri Chandra Babu Naidu, Hon'ble Chief Minister of Andhra Pradesh as the Convener on 30th November 2016 for suggesting measures to seamlessly enable all sections of the population to migrate to the digital mode of payment as well as to recommend measures that would enable India to leapfrog into the advanced digital payment systems that compares with the best global standards.

The Committee of Chief Ministers submitted its interim report to Hon'ble Prime Minister on 24 th January 2017. The interim report of the Committee of Chief Ministers on digital payments can be seen on http://niti.gov.in/writereaddata/files/new\_initiatives/book.pdf.

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