Committee on promotion of cashless society and digital economy.
It been constituted in line with the Union Government’s thinking
- To promote financial inclusion, transparency and healthy financial ecosystem nationwide.
- To give a boost to adoption of digital payments systems by people at grass root levels and small businesses.
Terms of Reference:
- Identify best global practices for economy based on digital payment and examine possibility of adopting them in the country.
- Identify and outline measures for rapid expansion and adoption of system of digital payments like Debit and Credit cards, internet banking, Digital-wallets, UPI, banking apps etc. and broadly indicate road map to be implemented in one year.
- Evolve an action plan to reach out to public at large with the objective to create awareness and help them to understand benefits of switchover to digital economy.
- Prepare a roadmap for the administrative machineries in the States to facilitate adoption of digital modes of financial transactions;
- Identify and address bottlenecks pertaining to adoption of the steps required to move towards a digital payments economy and also indicate solutions for it.
What are the benefits of digitisation?
- Enhances financial inclusion by overcoming physical barriers
- Enhances access to financial services rapidly.
- Enables formalization of all financial transactions
- Increases transparency and plugging leakages from the system.