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RBI forms Nandan Nilekani led Committee to boost digital payments

The five-member committee will be headed by UIDAI’s former Chairman Nandan Nilekani. The committee will review the existing status of digitisation of payments and suggest ways to bridge any gaps in the ecosystem.

Jan 10, 2019 10:08 IST
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RBI forms Nandan Nilekani led Committee to boost digital payments

The Reserve Bank of India (RBI) on January 8, 2018 constituted a High-Level Committee on Deepening of Digital Payments to encourage digitisation of payments and enhance financial inclusion.
 
The five-member committee will be headed by UIDAI’s former Chairman Nandan Nilekani.

The committee will review the existing status of digitisation of payments and suggest ways to bridge any gaps in the ecosystem.

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

Composition of the Committee

S.No.

Name

Portfolio

Role in Committee

1

Nandan Nilekani

Former Chairman, Unique Identification Authority of India

Chairman

2

H.R. Khan

Former Deputy Governor, Reserve Bank of India

Member

3

Kishore Sansi

Former Managing Director & Chief Executive Officer, Vijaya Bank

Member

4

Aruna Sharma

Former Secretary, Ministry of Information Technology and Steel

Member

5

Sanjay Jain

Chief Innovation Officer, Center for Innovation, Incubation & Entrepreneurship (CIIE), IIM Ahmedabad

Member

Terms of Reference of the Committee

Review the existing status of digitisation of payments in the country, identify the current gaps in the ecosystem and suggest ways to bridge them

Assess the current levels of digital payments in financial inclusion

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 boost financial inclusion

Suggest measures to strengthen the safety and security of digital payments

Provide a road map for increasing customer confidence and trust while accessing financial services through digital modes

Suggest a medium-term strategy for deepening of digital payments

Note: The central bank announced the constitution of the Committee in its Fifth Bi-Monthly Monetary Policy Statement 2018-19, that was released on December 5, 2018.