Top Stories

RBI forms panel led by Nandan Nilekani to deepen digital payments

Mumbai, Jan 8 (IANS): The Reserve Bank of India (RBI) on Tuesday appointed Infosys co-founder Nandan Nilekani as the Chairman of a five-member committee to accelerate digitisation of the economy and boost financial inclusion.

The committee will submit its report within 90 days from the date of its first meeting.

"With a view to encouraging digitisation of payments and enhance financial inclusion through digitisation, the Reserve Bank of India has decided to constitute a high-level committee on deepening digital payments," the RBI said in a statement.

Apart from Nilekani, other members are RBI former Deputy Governor H.R. Khan, Vijaya Bank former MD and CEO Kishore Sansi, former Secretary at Ministries of Information Technology and Steel Aruna Sharma and IIM Ahmedabad Chief Innovation Officer Sanjay Jain.

Nilekani, who is also a former Chairman of Unique Identification Authority of India (UIDAI) or Aadhaar, will head the panel to "review the existing status of digitisation of payments in the country, identify the current gaps in the ecosystem and suggest ways to bridge them".

It will also assess the current levels of digital payments in financial inclusion and undertake cross-country analyses to identify best practices that can be adopted to accelerate digitisation of the economy and financial inclusion through greater use of digital payments.

Citing other terms of reference, RBI said the panel will "provide a road map for increasing customer confidence and trust while accessing financial services through digital modes" and "suggest a medium-term strategy for deepening of digital payments".

The panel will also suggest measures to strengthen the safety and security of digital payments, the banking regulator said.

Comment on this article

  • Suresh, Mangaluru

    Wed, Jan 9 2019

    Congress delayed digitalisation. All cards including PAN card and ATM/credit card could have been clubbed with Adhar card when technology was available. Congress wanted slow digitalisation to promote corruption.

    Reply Report Abuse

  • Swamy, Mangalore

    Tue, Jan 8 2019

    Terrorists are already doing digital payments while BJP is still forming a panel !?!?!?!?!?. Panel is broken and shattered first time in 71 years of Indian financial history.

    Reply Report Abuse

  • j.anata, Mangaluru / Bengaluru

    Tue, Jan 8 2019

    Actually Nandan Nilekani is the right person to contribute to these kind of projects. Unnecessarily he was made to face LS elections last time, hope that folly will not be repeated this year.
    People like him should be above political affiliations

    Reply Report Abuse

  • Rehna, Mangalore

    Tue, Jan 8 2019

    Adhar was his baby and all the information from it got leaked. Again same will happen here and people will loose Money.

    Reply Report Abuse

  • vasu, Mangalore

    Tue, Jan 8 2019

    Any body who is good should be involved in Governance, that is why i love the Modi Government.

    Reply Report Abuse

Leave a Comment

Title : RBI forms panel led by Nandan Nilekani to deepen digital payments


You have 2000 characters left.


Please write your correct name and email address. Kindly do not post any personal, abusive, defamatory, infringing, obscene, indecent, discriminatory or unlawful or similar comments. will not be responsible for any defamatory message posted under this article.

Please note that sending false messages to insult, defame, intimidate, mislead or deceive people or to intentionally cause public disorder is punishable under law. It is obligatory on Daijiworld to provide the IP address and other details of senders of such comments, to the authority concerned upon request.

Hence, sending offensive comments using daijiworld will be purely at your own risk, and in no way will be held responsible.

Security Validation

Enter the characters in the image