Rbi Forms Committee To Boost Digital Payments
10, Jan 2019
Prelims level : “Economy-Banking.” Mains level : GS-3 “Indian economy, planning and mobilisation of resources, growth development and employment.”
- Reserve Bank of India (RBI) has constituted a High-Level Committee on Deepening of Digital Payments to encourage digitisation of payments and enhance financial inclusion.
- The five-member committee headed by UIDAI’s former Chairman Nandan Nilekani will include RBI’s former Deputy Governor Mr. H.R. Khan and Former Secretary, Ministry of Information Technology, Mrs. Aruna Sharma among others.
Mandate of the Committee:
- RBI said the committee will review the existing status of digitisation of payments and suggest ways to bridge any gaps in the ecosystem, if any. The committee will also undertake cross country analysis to identify best practices that can be adopted to accelerate digitisation of the economy and financial inclusion through greater use of digital payments.
- The Nandan Nilekani led panel will suggest measures to strengthen the safety and security of digital payments; while also providing a road map for increasing customers’ trust while accessing financial services through digital modes.
- The Committee will have to submit its report within a period of 90 days from the date of its first meeting.