Constituted in August 2016 and headed by former Finance secretary Mr. Ratan Watal, to spearhead the motion of India towards a cashless society.
Recommendations:
Recommendations:
- Setting up of an independent payment regulator withing the framework of the RBI called the Payment Regulatory Board (PRB) with members from outside the RBI.
- Amend the Payment and Settlement Act to include clauses on consumer protection, data security and privacy.
- Make Aadhar as a prime KYC document and also replace PAN with it gradually.
- RGTS and NEFT to be operational 24*7 with the facility being extended to non banking payment service providers.
- Interpolability between banks and payment service providers, also between service providers based on the JAM trinity.
- Payment service providers should be regulated by the RBI.
- Cash handling charges to be levied by government and merchandises to disincentivize cash transactions
- All govet transactions to be made digital with transaction fee/charges waived off.
- Setting up of a digital payment incentive fund using savings accruing from reduced cash transactions.
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