An RBI-appointed panel set up to review the status of digital payments in January recently submitted its report (see a copy below), in which it said that the Reserve Bank of India (RBI) and the government must target 10X growth in the volume of digital payments in the next three years. This growth will be driven by a shift from high-value, low-volume, high-cost transactions to low-value, high-volume, low-cost transactions, said the five-member panel, headed by Nandan Nilekani. Initiatives such as removing transaction charges on digital payments made to government, simplying KYC processes, and reducing KYC costs for banks are among the committee's 73 recommendations, which are summarised below. A. Recommendations for the RBI 1. Three-year targets Recommendation 1: Plan for 10X volume growth, 3x user growth in three years: Per Capita Digital Transactions per month: 10X (from 22 in March 2019 to 220 in March 2022) Digital Transaction Value/GDP: 2X (from 769% in 2018-19 to 1500% in 2021-22) Number of digital payment users active in the month: 3X (from 100 million to 300 million in 3 Years) CIC/GDP ratio: No specific target, but Currency in circulation should grow slower than GDP growth + inflation, going down by about 3-4% in 5 years, and tend towards the global average (7%). Recommendation 2: Provide a consistent view on Digital Payments. The RBI must rationalize the definition of digital payments, and become the source of accurate and consistent and granular data for better tracking. 2. Accelerating acceptance Recommendation 3: Fix interchange fees on card networks.…
- “Foreign state actor” may be responsible for the ransomware attack on AIIMS-Delhi: Report December 3, 2022
- Agenda: Reworking The Data Protection Bill, Delhi, 8th Dec #Ad December 3, 2022
- Why has the deadline to comply with UPI market share cap been extended by the NPCI? December 3, 2022
- India’s IT Minister on DPDP Bill: Law should be kept ‘simple’, subordinate rules won’t exceed Act December 3, 2022
- MIB approves ninth self regulatory body, PADMA, under the IT Rules, 2021 December 3, 2022
MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.
The Structure and Style of a Dogma Community: Conspiracy theories and organized Twitter engagement on Sushant Singh Rajput
Studying the 'community' supporting the late Sushant Singh Rajput (SSR) shows how Twitter was gamed through organized engagement
Do we have an enabling system for the National Data Governance Framework Policy (NDGFP) aiming to create a repository of non-personal data?
A viewpoint on why the regulation of cryptocurrencies and crypto exchnages under 2019's E-Commerce Rules puts it in a 'grey area'
India's IT Rules mandate a GAC to address user 'grievances' , but is re-instatement of content removed by a platform a power it should...
Why ‘group privacy’ should be recognised, and how ‘non-personal’ data becomes a regulatory blindspot
There is a need for reconceptualizing personal, non-personal data and the concept of privacy itself for regulators to effectively protect data
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
Twitter takes down tweets from MP, MLA, editor criticising handling of pandemic upon government request
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...