1 min read.Updated: 10 Dec 2016, 12:42 AM ISTKomal Gupta
Eleven-member panel headed by former finance secretary Ratan Watal recommends upgrading digital payment infrastructure in report to finance minister Arun Jaitley
New Delhi: The Watal Committee, set up by the government to overhaul the digital payments infrastructure, on Friday suggested there should be interoperability between banks and non-bank digital payment gateways/entities.
In a report to finance minister Arun Jaitley, it suggested inter-operability of the payments system between banks and non-banks, upgradation of the digital payment infrastructure and institutions and a framework to reward innovations for leading efforts in enabling digital payments.
The committee also has suggested boosting security systems to safeguard the growing digital payment ecosystem in the country.
The 11-member panel is headed by former finance secretary Ratan Watal and has representatives from the Reserve Bank of India (RBI), Unique Identification Authority of India (UIDAI), the tax department and various industry bodies in the payments space.
The committee was notified on 23 August and given a year’s time to submit its final report.