"There is need for relooking at Payment and Settlement Systems Act", urges Niti Ayog
"The regulation should be such that it should allow new technology to come in very quickly. Technology also changes at a very faster pace than legislation."
"There has been growing momentum in volume and value terms in digital payments after demonetisation... Whether you see RBI or MEITY data, it's much better than it was prior to 2016," he said at an event organised by industry body Ficci.
He said however that only in 15 states, higher volume payments are digitised.
Prime Minister Narendra Modi on November 8, 2016, had announced demonetisation of Rs 1,000 and Rs 500 notes in a bid to crack down on black money, fake currency and corruption.
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