With demonetisation of high-value notes taking a toll on people in need of cash, the government on Wednesday formed a committee of chief ministers headed by Andhra Pradesh’s Chandrababu Naidu to suggest measures for rapid expansion of payment through digital means and prepare a road map for its implementation.
Besides Naidu, who is part of the ruling National Democratic Alliance (NDA), the panel consists CMs of Odisha (Naveen Patnaik), Madhya Pradesh (Shivraj Singh Chouhan), Sikkim (Pawan Kumar Chamling), Puducherry (V Narayanasamy) and Maharashtra (Devendra Fadnavis). NITI aayog vice-chairman Arvind Panagariya is also a member of the panel.
“The committee 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,” NITI Aayog said in a statement.
Apart from the members, five experts from the private sector have been roped in as special invitees to the panel. They are — former UIDAI chairman Nandan Nilekani, Boston
Consulting Group chairman Janmejaya Sinha, netCORE managing director Rajesh Jain, iSPIRIT co-founder Sharad Sharma and IIM(Ahmedabad) professor Jayant Varma.
The terms of the reference of the panel included identifying 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. It would prepare a road map for the administrative machineries in the states to facilitate adoption of digital modes of financial transactions.
The recent demonetisation of R500 and R1,000 notes, which constitute 86% of the notes in circulation, has affected people’s spending on essentials, causing hardships to many across