The Reserve Bank of India (RBI) on Tuesday announced formation of a high-level panel to assess digitisation of payments in the country. The Committee on Deepening of Digital Payments will be chaired by Nandan Nilekani, the RBI said in a statement. The committee, which will have four other members, will review the existing status of digitisation of payments in the country and assess the current levels of digital payments in financial inclusion, according to the RBI.
Infosys co-founder Mr Nilekani has served as chairman of the Unique Identification Authority of India (UIDAI).
Members on the committee include former RBI deputy governor HR Khan, former Vijaya Bank CEO Kishore Sansi and former IT secretary Aruna Sharma. The central bank also appointed Sanjay Jain, chief innovation officer, Center for Innovation, Incubation & Entrepreneurship (CIIE), IIM Ahmedabad, as member of the panel.
The panel will also “undertake cross country analyses with a view to identify best practices that can be adopted in our country to accelerate digitisation of the economy and financial inclusion through greater use of digital payments”, the RBI noted.
The committee is also required to suggest steps to strengthen the safety and security of digital payments in the country, and provide a roadmap for increasing customer confidence while accessing financial services through digital modes, it said.
The panel will submit its report within a period of 90 days from the date of its first meeting, the RBI added.