With a view to encourage digitisation of payments and enhance financial inclusion through digitisation, the Reserve Bank of India has decided to constitute a five-member committee named ‘High-Level Committee for Deepening of Digital Payments”.
The new committee will be led by former chairman, Unique Identification Authority of India, Nandan Nilekani. The other members of the committee include:
H.R. Khan, former deputy governor, Reserve Bank of India
Kishore Sansi, former managing director and chief executive officer, Vijaya Bank
Aruna Sharma, former secretary, Ministry of Information Technology and Steel
Sanjay Jain, chief innovation officer, Center for Innovation, Incubation & Entrepreneurship (CIIE), IIM Ahmedabad
The committee will look to review the existing status of digitisation of payments in the country, identify the current gaps in the ecosystem and suggest ways to bridge them.
As stated by RBI, “The committee aims to assess the current levels of digital payments in financial inclusion and to undertake cross country analyses with a view to identifying best practices that can be adopted in the country to accelerate digitisation of the economy and financial inclusion through greater use of digital payments.”
Further, it is required to suggest measures to strengthen the safety and security of digital payments and will provide a road map for increasing customer confidence and trust while accessing financial services through digital modes.