To encourage digital payments, the Nandan Nilekani committee has suggested a host of measures, including elimination of charges, round-the-clock RTGS and NEFT facility, and duty-free import of point-of-sales machines. The committee, which was appointed by the RBI, had submitted its suggestions on promoting digital payments to Governor Shaktikanta Das last month. Among other things, the panel has suggested that there should be no convenience fee on payments made to government agencies by customers and recommended that payment systems use machine-driven, online dispute resolution systems to handle complaints. “The committee recommends that the RBI and the government put in place an appropriate mechanism to monitor the digital payment systems and make aggregated information based on blocks, and PIN code, available to all players on a monthly basis, so that they can make the necessary adjustments,” said the report released by the RBI. Larger balancesKeeping in mind that digital transactions result in larger balances with the bank, the panel felt customers must be allowed to initiate and accept a reasonable number of digital payment transactions with no charges.

Source: The Hindu June 03, 2019 20:26 UTC