The Reserve Bank of India has determined to formulate a high-level Committee on Deepening of Digital Payments in order to encourage digitisation of payments and enhance financial inclusion through digitisation.
The committee is formed under the leadership of former Chairman of the Unique Identification Authority of India Nandan Nilekani. The committee also constitutes of members: H.R. Khan- Former Deputy Governor, RBI, Kishore Sansi- Former Managing Director & Chief Executive Officer, Vijaya Bank.
The committee also involves former Secretary, Ministry of Information Technology and Steel, Aruna Sharma and Sanjay Jain, who is Chief Innovation Officer, Center for Innovation, Incubation & Entrepreneurship (CIIE), in IIM Ahmedabad.
According to the Reserve Bank’ statement, the committee will submit its report within a period of 90 days from the date of its first meeting.
As per RBI, the committee’s term of reference includes “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; To 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 terms of reference also state “To provide a road map for increasing customer confidence and trust while accessing financial services through digital modes; To suggest a medium-term strategy for deepening of digital payments.”