You are here: Home » Reuters » News
Business Standard

RBI forms panel to deepen digital payments, led by Infosys' Nilekani

Reuters  |  MUMBAI 

(Reuters) - The of (RBI) on Tuesday said it has constituted a panel with Nilekani as its in a bid to deepen digital payments in Asia's third-biggest economy.

The five-member panel, which includes a former of the RBI, will identify ways to widen financial inclusion via the use of digital payments and suggest measures to "strengthen the safety and security of digital payments", the central said in a statement.

In 2017-18, card payments in rose 43 percent from the previous year to 10.61 trillion rupees ($151.21 billion), while payments through state-backed unified payments interface rose 16 times year-on-year to 1.01 trillion rupees, according to RBI data released in August.

India's digital payments are expected to grow five-fold to $1 trillion by 2023, according to

Nilekani, a of India's second-biggest firm Infosys, was also the first of a body that oversees India's ambitious biometric ID project, Aadhaar.

The RBI, in a rare public move last year, objected to a government-led panel's recommendation for to be overseen by a regulator that would be set up outside the central bank's control.

The RBI on Tuesday also issued guidelines on the use of tokenisation - a way to mask sensitive card data with unique symbols or elements - to make contactless card payments safer.

($1 = 70.1650 Indian rupees)

(Reporting by Sankalp Phartiyal)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, January 08 2019. 18:31 IST