The Ratan P Watal Committee is set to submit its report encouraging the use of digital payments in India a few days earlier than previously thought, reports The Times of India.
It’s not yet clear as to what the recommendations will be, but it is reported that the committee is expected to set timelines to help reduce the number of cash transactions. By doing so, the committee are likely to highlight the use of digital payments.
The committee was only set up in August of this year; however, at the time the committee was under the impression that they would have a year to submit their report.
And yet, considering the recent announcement regarding the banning of the India’s largest fiat banknotes, the Rs 500 and Rs 1,000 notes, it’s not surprising that the committee has had to step up its efforts to produce a report sooner rather than later.
The committee is led by former finance secretary Watal and includes former RBI deputy governor H R Khan, chairman of the Indian Banks Association,