Forbes India | February 02, 2017
Budget 2017 provides impetus and growth to Digital Payments, proposes change to the Payments and Settlements Systems Act, and envisages a Payment Regulatory Board in the Reserve Bank of India. It paves way for digital economy by focusing on speed, accountability and transparency. However, the budget misses the big picture that is employment and jobs creation, sector-wise infrastructure spends by government, measures to boost FDI and growth of financial sector for stability. In the payments platform, there is no concrete implementation plan passed yet, which further requires deeper understanding on action plans catering to Referral Bonus Scheme for individuals and cashback scheme for merchants, and target set for 2,500 crore digital transactions by 2017-18 through UPI, USSD, Aadhar Pay, IMPS and debit cards.