Press Information Bureau
Government Of India
NITI Aayog
(01-December, 2016 15:12 IST )

NITI Aayog to hold Today the First Meeting of Committee of Chief Ministers to examine and implement measures to implement digital payment systems


The first meeting of the Committee of Chief Ministers to examine and implement measures to implement digital payment systems is being held today. The meeting is being organized by NITI Aayog through Video Conferencing. The 13 member Committee is comprised of Chief Ministers of 6 states- Andhra Pradesh, Madhya Pradesh, Maharashtra, Puducherry, Odisha and Sikkim along with the Vice Chairman, NITI Aayog; CEO, NITI Aayog; and experts. The move is in line with the Government’s thinking to promote transparency, financial inclusion and a 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.

The composition of the Committee is as follows:

 

 

 

(i)      

Shri Chandrababu Naidu, Hon’ble Chief Minister of Andhra Pradesh;

Convener

(ii)    

Shri Naveen Patnaik, Hon’ble Chief Minister of Odisha

Member

(iii)  

Shri Shivraj Singh Chouhan, Hon’ble Chief Minister of Madhya Pradesh

Member

(iv)  

Shri Pawan Kumar Chamling, Hon’ble Chief Minister of Sikkim

Member

(v)    

Shri V. Narayanasamy, Hon’ble Chief Minister of Puducherry

Member

(vi)  

Shri Devendra Fadnavis, Hon’ble Chief Minister of Maharashtra

Member

(vii)            

Shri Arvind Panagariya, Vice- Chairman, NITI Aayog

Member

(viii)          

Shri Amitabh Kant, CEO, NITI Aayog

Member Secretary

(ix)  

Shri Nandan Nilekani, former Chairman, UIDAI

Special invitee

(x)    

Shri Janmejaya Sinha, Chairman, Boston Consulting Group

Special invitee

(xi)  

Shri Rajesh Jain, Managing Director, netCORE

Special invitee

(xii)            

Shri Sharad Sharma, Co-founder, iSPIRIT

Special invitee

(xiii)          

Dr. Jayant Varma, Professor (Finance), IIM (Ahmedabad)

Special invitee

 

The Terms of Reference of the Committee are as follows :

(i)      The Committee shall identify the global best practices for implementing an economy primarily based on digital payment and examine the possibility of adoption of these global standards in the Indian context;

(ii)     The Committee shall identify and outline measures for rapid 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 road map to be implemented in one year;

(iii)    It shall evolve an action plan to reach out to the public at large with the objective to create awareness and help them understand the benefits of such a switchover to digital economy;

(iv)    It shall prepare a roadmap for the administrative machineries in the States to facilitate adoption of digital modes of financial transactions;

(v)     Identify and address bottlenecks and indicate solutions pertaining to adoption of the steps required to move towards a digital payments economy;

(vi)    Associate the key stakeholders for implementation of the suggested steps towards a digital payments economy;

(vii)    Delineate and adopt measures evolved by the Committee of Officers constituted for the purpose;

(viii)  Examine and address any other associated issues which are not specifically mentioned herein. The Committee may devise its own procedures for conducting business/ meetings/ constitution of sub-groups, etc.

BACKGROUND:

Economic growth with financial inclusion and equity is a key priority of the Government. By enabling broader access and participation in the financial system, the Government aims to reduce income inequality, boost job creation, accelerate consumption, increase investments in human capital and help the poor families to manage risk and absorb financial shocks. Digitization of payments would significantly enhance financial inclusion by overcoming physical barriers and would thus enhance access to financial services rapidly. In addition, it would also enable formalization of all financial transactions thus increasing transparency and plugging leakages from the system.

NITI Aayog was entrusted with the task of undertaking a campaign to implement digital payments systems and it has been working on an awareness campaign to popularize the different modes of digital payment which are currently available viz. Cards, USSD, digital wallets, Aadhar Enabled Payment System (AEPS) and Unified Payment Interface (UPI). There is also an urgent need to spread awareness about the above initiatives in the form of a mission-mode, including sensitization of field level functionaries about the same. As NITI Aayog is mandated to act for promotion of co-operative federalism and recognizing the crucial role of State Governments in this endeavor for nation building NITI Aayog has been carrying forward its mandate in close association with the States and the respective state administrations. The role of Committee assumes significance in view of the above aspects  and to give a boost to the adoption of digital payment systems by people at the grass root level and small businesses,

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AKT/NT

 


(Release ID :154691)



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