Govt panel proposes independent regulator for digital payments

Moneycontrol BureauFormer Finance Secretary Ratan Watal-led panel has suggested constituting an independent payments regulator for digital payments within the framework of Reserve Bank of India. Besides, it has recommended stepping up existing laws to protect consumers and their privacy, Mint reported on Wednesday.

Even though the Payments Regulatory Board (PRB) should fall under the ambit of the RBI, the board’s payment regulations should be independent of the central bank, the Watal committee suggested.

The PRB should be an independent decision-making body having a few members from outside RBI, it suggested.

The panel has also suggested firming up Payment and Settlements Act to include clauses for consumer protection. These include insulation of customers from losses incurred due to unauthorised transactions.