62) Which among the following is correct?
i) RatanWatal Committee on digital payments was constituted by NITI aayog
ii) It has recommended that there is no need of a separate entity to regulate payment settlements
62) Which among the following is correct?
i) RatanWatal Committee on digital payments was constituted by NITI aayog
ii) It has recommended that there is no need of a separate entity to regulate payment settlements
The correct option is B b) Only ii
62 Ans B
Explanation: The Committee on Digital Payments was constituted by the Ministry of Finance, Department of Economic Affairs under the Chairmanship of Shri. Ratan P. Watal, Principal Advisor, NITI Aayog and former Finance Secretary to the Government of India. The terms of reference of this Committee were as follows:
To study and recommend need for charges, if any, in the regulatory mechanism and any legislation, relevant for the purpose of promotion of payments by digital modes
To study and recommend ways for leveraging Unique Identification Number or any other proof of identity for authentication of card/digital transactions and setting up of a Centralised KYC Registry;
To study introduction of single window system of Payment Gateway to accept all types of Cards/ Digital Payments of Government receipts;
To study feasibility and framing rules for creating a payments history of all Digital Payments and create necessary linkage between payments transaction history and credit information;
To study and recommend various measures to incentivize transactions through cards and digital means.
To study global best practices in payments including initiatives taken by various Governments/ Government Agencies
To identify market failure (s), if any, along with suitable interventions that may be implemented to promote payment by card/digital means
To identify regulatory bottlenecks, if any, and suggest changes to promote payment by card/ digital means
To study and make recommendations on any other matter related to promotion of payments through Cards and Digital Means
b) Only ii
62 Ans B
Explanation: The Committee on Digital Payments was constituted by the Ministry of Finance, Department of Economic Affairs under the Chairmanship of Shri. Ratan P. Watal, Principal Advisor, NITI Aayog and former Finance Secretary to the Government of India. The terms of reference of this Committee were as follows:
To study and recommend need for charges, if any, in the regulatory mechanism and any legislation, relevant for the purpose of promotion of payments by digital modes
To study and recommend ways for leveraging Unique Identification Number or any other proof of identity for authentication of card/digital transactions and setting up of a Centralised KYC Registry;
To study introduction of single window system of Payment Gateway to accept all types of Cards/ Digital Payments of Government receipts;
To study feasibility and framing rules for creating a payments history of all Digital Payments and create necessary linkage between payments transaction history and credit information;
To study and recommend various measures to incentivize transactions through cards and digital means.
To study global best practices in payments including initiatives taken by various Governments/ Government Agencies
To identify market failure (s), if any, along with suitable interventions that may be implemented to promote payment by card/digital means
To identify regulatory bottlenecks, if any, and suggest changes to promote payment by card/ digital means
To study and make recommendations on any other matter related to promotion of payments through Cards and Digital Means
