- The Reserve Bank of India(RBI) had appointed a committee headed by Nandan Nilekani to submit its suggestions on promoting digital payments.
- The panel has suggested several measures to encourage digital payments such as (a)elimination of charges (b)round-the-clock RTGS and NEFT facility and (c)duty-free import of point-of-sales machines.
- The panel has also suggested that there should be no convenience fee on payments made to government agencies by customers and payment systems should use machine-driven,online dispute resolution systems to handle complaints.
- Further,the committee has also recommended the RBI and the government to put in place a mechanism to monitor the digital payment systems and make aggregated information based on blocks and PIN code which should be available to all players on a monthly basis.
- The committee has also recommended that the National Payment Council of India should allow digital payments systems such as RuPay and BHIM UPI in other countries to facilitate easy remittance to India.
- The panel has also called for the creation of a digital financial inclusion index so that progress in an area can be measured along a common scale indicating the evolution of the users and steps taken for correcting the imbalance.
- National Payments Corporation of India(NPCI) is an umbrella organisation for operating retail payments and settlement systems in India.It is an initiative of Reserve Bank of India(RBI) and Indian Banks’ Association(IBA) under the provisions of the Payment and Settlement Systems Act,2007 for creating a robust Payment & Settlement Infrastructure in India.
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