Nilekani Panel on Digital Payments submits report to RBI
The Reserve Bank of India (RBI) appointed committee on ‘suggestions on promoting digital payment’ has submitted its report to RBI Governor Shaktikanta Das. The committee was headed by Nandan Nilekani, also known as Aadhaar Architect.
Key Highlights
- Background: In January 2019 RBI had set up a five-member panel headed by Nilekani, on deepening digital payments with a view of encouraging digitisation of payments and enhancing financial inclusion via digitisation.
- Panel Members: Besides Nandan Nilekani (Infosys co-founder), H R Khan (former RBI deputy governor), Kishore Sansi (former MD and CEO of Vijaya Bank), Aruna Sharma (former secretary in ministries of IT and steel) and Sanjay Jain (chief innovation officer, Centre for Innovation, Incubation & Entrepreneurship (CIIE), IIM Ahmedabad).
Tasks Undertaken:
- The panel was tasked to review existing status of digitisation of payments in India, identify current gaps in ecosystem and suggest ways to bridge them. It also assessed current levels of digital payments in financial inclusion.
- It undertook cross country analyses with a view of identifying best practices which can be adopted in India so as to accelerate digitisation of economy and financial inclusion through greater use of digital payments.
Way Ahead
- RBI will examine recommendations given by committee and will link action points, wherever required and necessary, in its ‘Payment and Settlement Systems in India: Vision 2019 – 2021‘ for implementation.
- The Payment Systems Vision 2021 was recently released by RBI. It seeks to ensure a secure, safe, quick, affordable and convenient, e-payment system with aim of making India a ‘cash-lite’ society.
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Month: Current Affairs - May, 2019