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.

Key Highlights:-

1. Review the existing status of digitisation of payments in the country, identify the current gaps in the ecosystem and suggest ways to bridge them
2. Assess the current levels of digital payments in financial inclusion
3. Undertake cross country analyses with a view to identifying best practices that can be adopted in our country to accelerate digitisation of the economy and boost financial inclusion
4. Suggest measures to strengthen the safety and security of digital payments
5. Provide a road map for increasing customer confidence and trust while accessing financial services through digital modes
6. Suggest a medium-term strategy for deepening of digital payments

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