(FE)
A three-year plan for a 10-fold growth in digital payments, enabling recurring payments on all digital channels and a lower interchange for card payments are among the recommendations made by the Nandan Nilekani-headed high level committee on deepening of digital payments.
Of the 73 recommendations meant for the government, the Reserve Bank of India (RBI), industry and the department of telecommunications, a few seek a relook at some RBI guidelines. For instance, the report has asked for recurring payments — for things like loan repayments, systematic investment plans (SIPs) and media subscriptions — to be enabled for all modes of digital payments, including the Unified Payments Interface (UPI).
The central bank is understood to have categorically disallowed the introduction of a recurring payments feature on UPI 2.0 in spite of representations in its favour. The report, posted on the RBI website on Monday, also recommends a review of at least one RBI guideline with respect to the operation of ATMs. “…the committee recommends a review of the recent guidelines for swapping cassettes during the loading of cash in ATMs,” it said.
