NITI Aayog today constituted a Committee of Chief Ministers representing different political parties to examine and promote the use of digital payment systems across the country. This committee will be headed by Andhra Pradesh Chief Minister Chandrababu Naidu. Besides him, Chief Ministers Shivraj Singh Chouhan (Madhya Pradesh), Pawan Kumar Chamling (Sikkim) V Narayanasamy (Puducherry) and Devendra Fadnavis (Maharashtra) are members. NITI Aayog Chairman Arvind Panagariya and CEO Amitabh Kant are also members the panel.

Interestingly, Bihar and Tripura chief ministers, who were earlier indicated as members were seems to be replaced by Sikkim and Maharashtra chief ministers. NITI Aayog said that the move is in line with the Government’s thinking to promote transparency, financial inclusion and a healthy financial ecosystem nationwide and to give a boost to the adoption of digital payments systems by people at the grass root levels and small businesses.

The Terms of Reference of the Committee:

To identify 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;

To 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;

To evolve an action plan to reach out to the public at large with the objective to create awareness and help them understand the benefits of such a switch-over to digital economy;

To prepare a road-map for the administrative machineries in the States to facilitate adoption of digital modes of financial transactions;

Identify and address bottlenecks and indicate solutions pertaining to adoption of the steps required to move towards a digital payments economy;

Associate the key stakeholders for implementation of the suggested steps towards a digital payments economy;

Delineate and adopt measures evolved by the Committee of Officers constituted for the purpose;

Examine and address any other associated issues which are not specifically mentioned herein. The Committee may devise its own procedures for conducting business/ meetings/ constitution of sub-groups, etc.