No | Recommendation | Agency / Suggested Timeline | Status Check |
---|---|---|---|
R1
|
Make regulation of payments independent from the function of central banking
The Committee weighed two options on how best this be implemented:
While both the options would serve the intended objective, the Committee recommends that the BPSS be given an independent status which it today lacks by being a sub-committee of the Central Board of RBI. The statutory status of the new Board, within the overall structure of RBI, called Payments Regulatory Board (PRB) should be enshrined in the Payments and Settlement Systems Act, 2007 |
MoF : 30 days
Implementation by MoF: Finalisation of structure of PRB may be done in 30 days. |
|
R2
|
Update the current Payments and Settlement Systems Act, 2007 to include explicit mandate for
The Committee has provided drafting instructions for the new Payments and Settlement Systems Act and this may be initiated at the earliest |
MoF : 30 days
Implementation by MoF: Finalisation of amendment bill and placing the same before the Union Cabinet may be done in 30 days |
|
R3
|
Promote digital payments and receipts within Government
|
||
R4
|
Create a fund proposed as DIPAYAN from savings generated
from cash-less transactions to expand digital payments.
Build audit capability to measure savings
|
Implementation by MoF,
Ministry of Social Justice, Ministry of tribal Affairs and Ministry
of Development of North Eastern Region. A time period of 60 days
may be considered for initiating implementation by user agencies
|
|
R5
|
Create a ranking and reward framework to encourage and
recognise government departments, State Governments, districts and
panchayats and other market participants who lead the efforts on
enabling digital payments
|
Implementation by NITI Aayog along
with State Governments. Development of the framework maybe
achieved in 60-90 days
|
|
R6
|
Implement other measures to promote digital payments including
|
Implementation
by MoF, UIDAI, CBDT, Telecom Regulatory Authority of India
(TRAI), Ministry of HRD, DoPT and RBI. May be initiated over
60-90 days.
|
|
R7
|
Consider outsourcing the function of operation of payment
systems like Real Time Gross Settlement (RTGS) and National
Electronic Fund Transafer (NEFT). While moving RTGS to a separate
operator is not envisaged for now – a cost benefit analysis may
be initiated as an initial step. Overtime, multiple payment system
operators should be encouraged and payment systems should be
operated by market entities
|
Consultation paper may be released over 180 days.
|
|
R8
|
Upgrade payment systems like RTGS and NEFT to operate
on 24x7 basis in due course of time RBI should progressively
increase their timings over due course
|
A consultation paper may be released over 90 days
|
|
R9
|
Allow non-bank PSPs to directly access payment systems –
|
Regulations may be released for consultation over 60 days
|
|
R10
|
Require NPCI, to be payments centric in its ownership
and objectives Ownership of NPCI should be diversified widely
to include more banks and include non-banks. Its Board should be
represented by majority public interest directors and include shareholder
directors. NPCI should be allowed to function independently
|
Regulations may be released for consultation over 60 days
|
|
R11
|
Enable payments to be inter-operable between bank and
non-banks as well as within non-banks. Mobile number and
Aadhaar based fully inter-operable payments should be prioritised
|
NPCI may enable this on its platforms over 60 days.
|
|
R12
|
Create a formal mechanism to enable innovations and new business models
|
Consultation paper may be released over 90-120
days
|
|
R13
|
Implement other measures to promote digital payments including issuing regulations on Systemically
Important Payment System (SIPS) and Systemically Important Financial Institutions (SIFIs), growing
acceptance network, enabling faster and cheaper credit and promoting cross border payments
|
Regulations may be released for consultation over 60-180 days. The RBI may within two weeks of
releasing this Report, develop a comprehensive metric to quantitatively measure and monitor the
enhancement of digital payment services in India
|