Nandan Nilekani to lead RBI’s new panel on digital payments
News In Shorts
The RBI has formed a committee on “deepening of digital payments” under the Chairmanship of Infosys Co-founder Nandan Nilekani. The committee will suggest measures to strengthen the security of digital payments and assess current levels of digital payments in financial inclusion, among others. The five-member panel will submit its report within 90 days from the date of its first meeting.
News In Detailed
The Reserve Bank of India (RBI) has named Infosys co-founder Nandan Nilekani as the chairman of a special committee to assess the digitisation of payments in the country. Nilekani will head the high-level five-member committee on deepening of digital payments.
Apart from Nilekani, the committee will have HR Khan, former deputy governor RBI, Kishore Sansi, former MD and CEO Vijaya Bank, Aruna Sharma, former secretary, ministry of Information technology and steel, and Sanjay Jain, chief innovation officer, Centre for Innovation, Incubation and Entrepreneurship, IIM Ahmedabad.
As per the terms of reference, the committee will review the existing status of digitisation of payments in the country, identify the current gaps in the ecosystem and suggest ways to bridge them. It will also assess the current levels of digital payments in financial inclusion.
The five-member panel will also undertake cross-country analyses to identify the best practices that can be adopted in our country to accelerate digitisation of the economy and financial inclusion through greater use of digital payments. It will also suggest measures to strengthen the safety and security of digital payments as well as a medium term strategy for deepening of digital payments.
The Committee will submit its report within 90 days from the date of its first meeting. Nilekani has earlier worked as the chairman of the Unique Identification Authority of India (UIDAI) and oversaw the implementation of the Aadhaar card in the country during the UPA regime.