Big push by RBI to boost digital payment systems, sets up committee led by former UIDAI, Infosys chairman Nandan Nilekani
Making India a cashless economy is one of the major goals of Prime Minister Narendra Modi and many reforms have taken place like the launch of demonetisation drive, UPI, BHIM payment modes, etc.
Making India a cashless economy is one of the major goals of Prime Minister Narendra Modi and many reforms have taken place like the launch of demonetisation drive, UPI, BHIM payment modes, etc. It seems Reserve Bank of India (RBI) governor Shaktikanta Das is preparing to take Digital India movement ahead, which is why, the central bank has now set up a committee to look into a list of matters in order to deepen digital payment system. RBI said, "With a view to encourage digitisation of payments and enhance financial inclusion through digitisation, the Reserve Bank of India has decided to constitute a
High-Level Committee on Deepening of Digital Payments."
This committee will be headed by Nandan Nilekani who was the former chairman of the Unique Identification Authority of India (UIDAI) and also IT-giant Infosys.
Other members of this committee are - H.R. Khan Former RBI Deputy Governor, Kishore Sansi former Vijaya Bank MD & CEO, Aruna Sharma former secretary of Ministry of Information Technology & Steel and Sanjay Jain Chief Innovation Officer, Center for Innovation, Incubation & Entrepreneurship (CIIE), IIM Ahmedabad.
These committees will review seven key areas that can help in boosting the digital payment system ahead. They are mentioned as under:-
1. 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.
2. To assess the current levels of digital payments in financial inclusion.
3. To 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.
4. Suggest measures to strengthen the safety and security of digital payments.
5. To provide a road map for increasing customer confidence and trust while accessing financial services through digital modes.
6. To suggest a medium-term strategy for deepening of digital payments.
7. Any other related item of importance.
A report will be submitted to RBI within a period of 90 days from the date of its first meeting.
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