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Sub-panel to encourage digital payments in state

Tribune News Service

Jammu, October 18

The state administration today constituted a sub-committee to suggest measures to encourage digitisation of payments and enhance financial inclusion through digitisation in Jammuand Kashmir.

Headed by Financial Commissioner, Finance Department as its chairman, the 10-member sub-committee will comprise Principal Secretary, Information Technology Department, Secretary of Agriculture Production Department, president, J&K Bank (convener SLBC), deputy general manager of the State Bank of India (SBI), circle head of HDFC Bank, J&K, circle head, Punjab National Bank (PNB) J&K, Managing Director of State Cooperative Bank J&K, Chairman, J&K Grameen Bank and vice-president (IT), J&K Bank, as its members.

The mandate of the committee is to map financial institutions and evolve measures for the streamlining of government schemes for facilitating direct benefit transfer.

“The panel will identify shadow areas and the realignment of banking correspondents, recommend dedicated financial literacy initiatives to promote digital payments and suggest measures to leverage reach and technical expertise of payment banks to cover the gap of provision of basic banking facilities,” said a government order issued on Friday.

The committee will also suggest mechanisms for monitoring of P2P points, debit card floats, points of sale positioning etc to enhance effectiveness of digital financial architecture, besides outline steps for the monitoring of government to merchant (G2M), government to person (G2P), person to government (P2G) and merchant to government (M2G) transactions and assess levels of digitisation and find solutions to increase the same.

“It will also ensure the availability of adequate digital infrastructure at all wholesale grain mandis, village haats etc so as to introduce digital transactions for the benefit of the rural customers,” the order said, adding that “the sub-committee shall furnish its report to the state level bankers committee (SLBC) at its next meeting”.