Expanding and Deepening of Digital Payments Ecosystem

RBI/2019-20/79
FIDD.CO.LBS.BC.No.13/02.01.001/2019-20

October 7, 2019

The Chairmen/ Managing Directors/ Chief Executive Officers
All SLBC/ UTLBC Convenor Banks

Madam / Dear Sir,

Expanding and Deepening of Digital Payments Ecosystem

Please refer to para – 8 of Statement on Developmental and Regulatory Policies of the Fourth Bi-Monthly Monetary Policy dated October 4, 2019, on the captioned subject.

2. With a view to expanding and deepening the digital payments ecosystem, it has been decided that all State/ UT Level Bankers Committees (SLBCs/ UTLBCs) shall identify one district in their respective States/ UTs on a pilot basis in consultation with banks and stakeholders. The identified district shall be allotted to a bank having a significant footprint which will endeavor to make the district 100% digitally-enabled within one year, in order to enable every individual in the district to make/ receive payments digitally in a safe, secure, quick, affordable and convenient manner. This would, inter alia, include providing the necessary infrastructure and literacy to handle such transactions.

3. SLBCs/ UTLBCs shall endeavor to ensure that to the extent possible, districts identified are converged with the ‘Transformation of Aspirational Districts’ program of the Government of India. The allotment of the identified district to a bank should be done, as far as possible, through mutual consultation and voluntary acceptance by the bank.

4. Further, SLBC/ UTLBC Convenor Banks are advised to monitor the progress made in this regard on a quarterly basis and report the same to concerned Regional Offices/ Sub-Offices of the Reserve Bank of India.

Yours faithfully,

(Gautam Prasad Borah)
Chief General Manager-in-Charge