Question: Who headed the Committee on Digital Payments constituted by the Ministry of Finance, Department of Economic Affairs?
(a) Ratan P. Watal
(b) Amitabh Kant
(c) Pradeep Kumar
(d) None of these
Ans:(a)
Related facts:
- On 9 December 2016; the Committee on Digital Payments constituted by the Ministry of Finance, Department of Economic Affairs submitted its Final Report to the Union Finance Minister Arun Jaitley.
- Ratan P. Watal, Principal Advisor, NITI Aayog and former Finance Secretary to the Government of India, headed this committee.
- In its Report, the Committee has recommended that a medium term strategy for accelerating growth of Digital Payments in India with a regulatory regime which is conducive to bridging the Digital divide by promoting competition, open access & interoperability in payments.
- The Report recommends inclusion of financially and socially excluded groups and assimilation of emerging technologies in the market, while safeguarding security of Digital Transactions and providing level playing to all stakeholders and new players who will enter this new transaction space.
- It has suggested inter-operability of the payments system between banks and non-banks, up-gradation of the digital payment infrastructure and institutions and a framework to reward innovations and for leading efforts in enabling digital payments.
- This Committee was seized of the developments following the decision of the Government to cancel legal tender character of currency of high denominations.
- The Committee has calibrated its recommendations accordingly and has provided a suitable framework for smooth and speedy transition towards a Digital Payments Economy.
- It may be recalled that the Committee was constituted on 23rd August 2016 under the Chairmanship of Ratan P. Watal, Principal Advisor, NITI Aayog and former Finance Secretary to the Government of India.
Reference:
http://pib.nic.in/newsite/PrintRelease.aspx?relid=155245