Nandan Nilekani heads RBI committee on deepening digital economy

The Reserve Bank of India (RBI) has announced the setting up of a high-level committee headed by Infosys co-founder and former head of the Unique Indentification Authority of India (UIDAI) Nandan Nilekani to suggest measures for encouraging digitisation of payments and enhancing financial inclusion through digitisation.

Besides chairman Nandan Nilekani, the committee has former deputy governor of the Reserve Bank of India HR Khan, former managing director and chief executive officer of Vijaya Bank Kishore Sansi, former secretary in the ministry of information technology and steel Aruna Sharma and chief innovation officer in the Center for Innovation, Incubation and Entrepreneurship (CIIE), IIM Ahmedabad Sanjay Jain, as members
The committee has been tasked with the job of reviewing the existing status of digitisation of payments in the country, identifying the current gaps in the ecosystem and suggesting ways to bridge them.
The panel will assess the current levels of digital payments in financial inclusion and 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 financial inclusion through greater use of digital payments.
The committee will suggest measures to strengthen the safety and security of digital payments and provide a road map for increasing customer confidence and trust while accessing financial services through digital modes.
It will also suggest a medium-term strategy for deepening of digital payments and look into any other related item of importance.
The committee has been asked to submit its report within a period of 90 days from the date of its first meeting.