To encourage digital payments and improve financial inclusion, the Reserve Bank of India (RBI) has announced the formation of a high-level committee led by Nandan Nilekani, the co-founder of Infosys Ltd. Other members of the High-Level Committee for Deepening of Digital Payments are HR Khan (former RBI deputy governor), Kishore Sansi (former Vijay Bank CEO), Aruna Sharma (former secretary of Ministry of IT and Steel) and Sanjay Jain (Chief Innovation Officer at Centre of Innovation, Incubation and Entrepreneurship).
The central bank listed a number of objectives for the committee that include
- identifying the "current gaps in the ecosystem and suggest ways to bridge them"
- "assess the current levels of digital payments in financial inclusion,"
- "suggest measures to strengthen the safety and security of digital payments,"
- identifying best digital payment practices and how they can be implemented in the country
- strengthening the safety and security of using the payment modes
- improve customer confidence in the digital modes of transactions
- accelerate the adoption of these modes of payments
Nandan Nilekani is known as the man behind Aadhaar and was also the former chairman of the Unique Identification Authority of India (UIDAI). The committee will be submitting its first report in 90 days of holding the first meeting, the RBI statement said on Tuesday.