Tuesday, March 31st, 2020

NITI Aayog to hold Meeting of Committee of Chief Ministers to examine and implement measures to implement digital payment systems

INVC NEWS New Delhi, The first meeting of the Committee of Chief Ministers to examine and implement measures to implement digital payment systems is being held today. The meeting is being organized by NITI Aayog through Video Conferencing. The 13 member Committee is comprised of Chief Ministers of 6 states- Andhra Pradesh, Madhya Pradesh, Maharashtra, Puducherry, Odisha and Sikkim along with the Vice Chairman, NITI Aayog; CEO, NITI Aayog; and experts. 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. Economic growth with financial inclusion and equity is a key priority of the Government. By enabling broader access and participation in the financial system, the Government aims to reduce income inequality, boost job creation, accelerate consumption, increase investments in human capital and help the poor families to manage risk and absorb financial shocks. Digitization of payments would significantly enhance financial inclusion by overcoming physical barriers and would thus enhance access to financial services rapidly. In addition, it would also enable formalization of all financial transactions thus increasing transparency and plugging leakages from the system. NITI Aayog was entrusted with the task of undertaking a campaign to implement digital payments systems and it has been working on an awareness campaign to popularize the different modes of digital payment which are currently available viz. Cards, USSD, digital wallets, Aadhar Enabled Payment System (AEPS) and Unified Payment Interface (UPI). There is also an urgent need to spread awareness about the above initiatives in the form of a mission-mode, including sensitization of field level functionaries about the same. As NITI Aayog is mandated to act for promotion of co-operative federalism and recognizing the crucial role of State Governments in this endeavor for nation building NITI Aayog has been carrying forward its mandate in close association with the States and the respective state administrations. The role of Committee assumes significance in view of the above aspects  and to give a boost to the adoption of digital payment systems by people at the grass root level and small businesses,

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