Nilekani-led panel on digital payments submits report to RBI

The Reserve Bank of India (RBI) appointed a 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.

RBI will examine recommendations given by the 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 the aim of making India a ‘cash-lite’ society.

The panel was tasked to review the existing status of digitization of payments in India, identify current gaps in the 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 the digitization of the economy and financial inclusion through greater use of digital payments.

In January 2019 RBI had set up a five-member panel headed by Nilekani, on deepening digital payments with a view of encouraging digitization of payments and enhancing financial inclusion via digitization.

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