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NITI Aayog forms panel to pave way for digital economy
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SME Times News Bureau | 01 Dec, 2016
Policy think-tank NITI Aayog on
Wednesday constituted a Committee of Chief Ministers and experts to
script an action plan and draw up a roadmap to implement the digital
payment systems across the country.
"The Committee will examine
and implement measures for promoting the use of digital payment systems
across the country and usher in transparency, financial inclusion and a
healthy ecosystem," said an official statement here.
With Andhra
Pradesh Chief Minister N. Chandrababu Naidu as its Convener, the
Committee has Odisha Chief Minister Naveen Patnaik, Madhya Pradesh Chief
Minister Shivraj Singh Chouhan, Sikkim Chief Minister Pawan Kumar
Chamling, Maharashtra Chief Minister Devendra Fadnavis, Puducherry Chief
Minister V. Narayanasamy and NITI Aayog Vice-Chairman Arvind Panagariya
as its members.
NITI Aayog Chief Executive Amitabh Kant will be the Member Secretary.
Sources
said that Finance Minister Arun Jaitley had also contacted Bihar Chief
Minister Nitish Kumar and Tripura Chief Minister Manik Sarkar and
requested them to become members of the Committee, but both leaders
declined.
Kumar has supported the government's move to demonetise Rs 500 and Rs 1,000 notes.
Five
experts from diverse fields will assist the Committee as special
invitees in formulating the action plan and preparing the roadmap to
implement the digital payments systems with the participation of people
across the country.
The experts are former UIDAI Chairman Nandan
Nilekani, Boston Consulting Group Chairman Janmejaya Sinha, netCORE
Managing Director Rajesh Jain, iSpirit Co-Founder Sharad Sharma and
IIM-Ahmedabad Professor (Finance) Jayant Varma.
The committee's
terms of reference say it will identify the global best practices for
implementing an economy primarily based on digital payments and their
adoption in the Indian context.
It will outline measures for
rapid expansion and adoption of the digital payments systems like cards
(debit, credit pre-paid), digital wallets or e-wallets, internet
banking, Unified Payments Interface and banking applications.
"The
Committee shall evolve an action plan to reach out to the public with
the objective of creating awareness and help them understand the
benefits of such a switchover to digital economy," said the statement.
Other
terms include preparing a roadmap for the administrative machinery in
the states to adopt digital modes of financial transactions and to
identify and address the bottlenecks and indicate solutions for moving
towards a digital payments economy.
It will also associate key
stakeholders to implement steps for a digital economy, delineate and
adopt its measures and address any issue not in the terms of reference,
noted the statement.
The committee will be free to devise its own procedures for conducting business, meetings and setting up of sub-groups.
"Digitisation
of payments will enable financial inclusion by overcoming physical
barriers and enhance access to financial services. It will also enable
financial transactions, transparency and plug leakages," the statement
added.
The National Institution for Transforming India (NITI) was
set up on January 1, 2015, with the Prime Minister as its ex-officio
Chairman, for a bottom-up approach and to make the country move towards
cooperative federalism.
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