Nilekani Panel to strengthen the Digital Payments Ecosystem

The Reserve Bank of India (RBI) has constituted a high-level committee under Nandan Nilekani to suggest measures to strengthen the safety and security of digital payments in the country.

Members of the Committee

Nandan Nilekani will be the head of the committee which comprises of former RBI deputy governor H.R. Khan, former MD and CEO of Vijaya Bank Kishore Sansi, former secretary in ministries of IT and steel Aruna Sharma and chief innovation officer, Centre for Innovation, Incubation & Entrepreneurship (CIIE), IIM Ahmedabad, Sanjay Jain.

Terms of the Reference

RBI has provided the following terms of reference for the committee:

• To encourage digitisation of payments and enhance financial inclusion through digitization.
• Reviewing the existing status of digitisation of payments in the country, identifying the current gaps in the ecosystem and suggesting ways to bridge them.
• Assessing the current levels of digital payments in financial inclusion.
• Suggest measures to strengthen the safety and security of digital payments.
• Suggest a road map for increasing customer confidence and trust while accessing financial services through digital modes.
• Undertake cross-country analysis to identify best practices to accelerate digitisation of the economy and financial inclusion through greater use of digital payments.
• Suggest a medium-term strategy for deepening of digital payments.

RBI has asked the committee to submit its report within a period of 90 days from the date of its first meeting.

Month: Current Affairs - January, 2019