RBI issues a notification on Expanding and Deepening of Digital Payments Ecosystem

Oct 09, 2019 | by Avantis RegTech Legal Research Team

Industry Specific Compliance

The Reserve Bank of India on October 7, 2019 has issued a notification on Expanding and Deepening of Digital Payments Ecosystem.

RBI has directed all state/UT Level Bankers Committees (SLBCs/ UTLBCs) to identify one district in their respective states/ UTs on a pilot basis in consultation with banks and stakeholders, with a view to expanding and deepening the digital payments ecosystem. The identified district shall be allotted to a bank having significant footprint which will endeavour to make the district 100 per cent digitally enabled within one year, in order to enable every individual in the district to make/ receive payments digitally in a safe, secure, quick, affordable and convenient manner.

The SLBCs/UTLBCs should endeavour to ensure that the districts identified are converged with the 'Transformation of Aspirational Districts' programme of the government and the allotment of the identified district to a bank should be done, as far as possible, through mutual consultation and voluntary acceptance by the bank.

[FIDD.CO.LBS.BC.No.13/02.01.001/2019-20]( RBI/2019-20/79)



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