NITI Aayog held its first meeting of Committee of Chief Ministers to examine and implement measures to implement digital payment systems

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New Delhi, Dec 3: The first meeting of the Committee of Chief Ministers to examine and implement measures to implement digital payment systems was held on Thursday. The meeting was 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 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. Also, it 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. The Committee 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 besides preparing a roadmap for the administrative machineries in the States to facilitate adoption of digital modes of financial transactions. It will identify and address bottlenecks and indicate solutions pertaining to adoption of the steps required to move towards a digital payments economy. Further, The Committee shall associate the key stakeholders for implementation of the suggested steps towards a digital payments economy. It shall delineate and adopt measures evolved by the Committee of Officers constituted for the purpose besides examining and addressing 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.

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