India's payment industry will get a say in regulations governing digital payments after Finance Minister Arun Jaitley considered recommendations by the Ratan Watal Committee on digital transactions to establish an independent payment regulatory board under the Reserve Bank of India.Presenting the Union Budget for 2017-18, Jaitley said necessary amendments for the regulatory board will be made in the Finance Bill this year.
Naveen Surya, chairman of the Payment Council of India who was on the Watal committee, said the announcement was a major step as it would allow for more representation from payment industry experts in policy making for digital payments.
The new board will replace the Board for Regulation and Supervision of Payment and Settlement Systems (BPSS) within RBI. "It was one of our main recommendations. We hope more of our suggestions are implemented," Surya said.
The Watal committee had said that a new statutory payments regulator could be set up to promote competition, innovation and convenience for consumers. "(This regulator) will have jurisdiction over all payment systems and payment service providers across all sectors. However, for systemically important inter-bank payments systems, RBI will have an overriding jurisdiction," the committee had said in report submitted to the government in December.
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