Nandan Nilekani To Head RBI Panel On Digitization Of Payments

The RBI today appointed Infosys co-founder Nandan Nilekani as chairman of committee to assess the digitisation of payments in India. Nilekani will head the high-level five-member committee on deepening of digital payments.

Apart from Nilekani, the committee will have HR Khan, former deputy governor RBI, Kishore Sansi, former MD and CEO Vijaya Bank, Aruna Sharma, former secretary, ministry of Information technology and steel, and Sanjay Jain, chief innovation officer, Centre for Innovation, Incubation and Entrepreneurship, IIM Ahmedabad.

It will look to identify gaps in the ecosystem, assess current levels of financial inclusion, undertake cross-country analyses and suggest measures to strengthen safety and security of digital payments.

The Terms of Reference of the Committee are : 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 assess the current levels of digital payments in financial inclusion and also 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;

It was also assigned to suggest measures to strengthen the safety and security of digital payments; 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 and any other related item of importance.

The Committee shall submit its report within a period of 90 days from the date of its first meeting. Nilekani has earlier worked as the chairman of the Unique Identification Authority of India (UIDAI) and oversaw the implementation of the Aadhaar card in the country during the UPA regime.

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