Draft Rules for Digital Payments Soon: Prasad
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.