“DIGITAL PAYMENTS - Trends, Issues and Opportunities in India” report
Posted on : 10 Feb 2020Views: 119
- The report titled “DIGITAL PAYMENTS - Trends, Issues and Opportunities in India” was recently released in India by Niti Ayog.
- According to NITI AYOG, the digital payments market In India is all set to grow to $1 trillion by 2023 led by growth in mobile payments, which are slated to rise from $10 billion in 2017-18 to $190 billion by 2023.
- In the light of such a tremendous growth of digital payments, the regulations and security of the users’ data has become a challenge for the government.
- Accordingly, a committee on Digital Payments was constituted by Department of Economic Affairs, Ministry of Finance in August 2016 under the Chairmanship of Ratan P. Watal to recommend medium term measures of promotion of Digital Payments Ecosystem in the country. The Committee submitted its final report to Hon’ble Finance Minister in December 2016.
- On the basis of recommendations a group of stakeholders from different Departments of Government of India and RBI was constituted in NITI Aayog under the chairmanship Ratan P. Watal to facilitate the work relating to development of a metric for Digital Payments which was the most important recommendation of Watal committe. This group prepared a document on the measurement issues of Digital Payments.
Article Related Questions
The report titled “DIGITAL PAYMENTS - Trends, Issues and Opportunities in India” was recently released in India by?
The 1857 Uprising was the culmination of the recurrent big and small local rebellions that occured in the preceding hundred years of British Rule. Elucidate (Answer in 150 words) - 2019 Mains
1.Department of Digital Payments
3.Union Finance Ministry
4.Reserve Bank of India
Right Ans : Niti Ayog