Draft Rules for Dig­i­tal Pay­ments Soon: Prasad

The Economic Times - - Companies - Our Bureau

New Delhi: The min­istry of elec­tron­ics and IT is draft­ing rules for dig­i­tal pay­ments, a segment which is grow­ing at a quick pace. The new reg­u­la­tions will deal with “con­sumer in­ter­ests” and “se­cu­rity con­cerns”. Ravi Shankar Prasad, union min­is­ter for elec­tron­ics and IT, said on Fri­day that the draft will be put up for pub­lic con­sul­ta­tion soon.

Cur­rently, dig­i­tal pay­ment com­pa­nies are gov­erned by the Re­serve Bank of In­dia and the new rules will be formed in con­sul­ta­tion with the bank­ing reg­u­la­tor. “The idea is that the con­sumer in- ter­est is pro­tected and we should grow this busi­ness in an or­derly man­ner,” said Aruna Sun­darara­jan, sec­re­tary at the min­istry.

She said three rounds of work­shops have al­ready hap­pened with e-wal­let com­pa­nies and other stake­hold­ers, and some “gaps” have been iden­ti­fied. “If wal­lets have to grow as an in­stru­ment, is­sues such as what is the li­a­bil­ity of the ser­vice provider, how the data is be­ing pro­tected and what the griev­ance re­dres­sal means are, have to be ad­dressed,” she added.

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