RBI announces formation of a digital payments committee led by Nandan Nilekani

The Reserve Bank of India (RBI) has announced formation of a committee led by Nandan Nilekani to encourage digitisation of payments and enhance financial inclusion.

The Chairman of the committee is Nandan Nilekani. Other members include HR Khan, Kishore Sansi, Aruna Sharma and Sanjay Jain.

According to the release, the committee's objectives 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;

- 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;

- Suggest measures to strengthen the safety and security of digital payments;

- To provide a roadmap for increasing customer confidence and trust while accessing financial services through digital modes;

- To suggest a medium term strategy for deepening of digital payments;