RBI forms committee on deepening of digital payments

Committee shall submit its report within a period of 90 days from the date of its first meeting

With a view to encourage digitization of payments and enhance financial inclusion through digitization, the Reserve Bank of India has decided to constitute a High-Level Committee on Deepening of Digital Payments. The Committee is to be headed by Nandan Nilekani, Former Chairman, Unique Identification Authority of India

The members of the committee are H.R. Khan - former Deputy Governor of RBI, Kishore Sansi - former MD&CEO of 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 Terms of Reference of the Committee are as under:

* To review the existing status of digitization of payments in the country, identify the current gaps in the ecosystem and suggest ways to bridge them;

* To assess the current levels of digital payments in financial inclusion;

* To undertake cross country analyses with a view to identify best practices that can be adopted in our country to accelerate digitization of the economy and financial inclusion through greater use of digital payments;

* Suggest measures to strengthen the safety and security of digital payments;

* To provide a road map for increasing customer confidence and trust while accessing financial services through digital modes;

* To suggest a medium-term strategy for deepening of digital payments;

* Any other related item of importance.

The Committee shall submit its report within a period of 90 days from the date of its first meeting.

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