Nilekani panel wants cheaper digital payment to improve financial inclusion

It calls for a 15 basis point cut in the interchange fee on card payments and that issuing banks deposit 5 basis point in the acceptance development fund

The high-level committee on deepening of digital payments, led by Infosys co-founder Nandan Nilekani, has recommended a reduction in costs to widen the acceptance infrastructure and improve digital financial inclusion. 

A major suggestion to increase both digital acceptance and tax compliance is that businesses be provided with tax incentives calibrated on the proportion of digital payments in their receipts. 

Another is that the Reserve Bank of India (RBI) consider setting up an acceptance development fund, which is used to develop new merchants in poorly served areas. 

It calls for a 15 basis point cut in the interchange fee on card payments and that