Nilekani led Panel submits reports on Digital Payments to RBI | Current Affairs, Current Affairs 2019

Nilekani led Panel submits reports on Digital Payments to RBI

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In January 2019, the Reserve Bank of India (RBI) had set up the five-member panel this year on deepening digital payments with a view to encouraging digitization of payments and enhance financial inclusion through digitization.

The Reserve Bank of India appointed committee headed by Aadhaar architect Nandan Nilekani ‘ on suggestions on promoting digital payment’ submitted its suggestions to Governor Shaktikanta Das on Friday, the Central Bank said.

The panel members besides Nandan Nilekani (Infosys co-founder), included H R Khan (former RBI deputy governor), Aruna Sharma (former secretary in ministries of IT and steel),Kishore Sansi (former MD and CEO of Vijaya Bank)and Sanjay Jain (chief innovation officer, Centre for Innovation, Incubation & Entrepreneurship (CIIE), IIM Ahmedabad).

The task of the panel was to review existing status of digitization of payments in the country, identifying current gaps in ecosystem and suggesting ways to bridge them. It is also to assess current levels of digital payments in financial inclusion.

The task included was also to undertake cross country analyses with a view of identifying best practices that could be adopted in India so as to accelerate digitization of economy and financial inclusion through greater use of digital payments.

Earlier this week, the RBI released a vision document for ensuring a safe, secure, convenient, quick and affordable e-payment system with an aim to making India a ‘cash-lite’ society.

RBI will examine recommendations given by committee and will link action points, wherever necessary or required in its ‘Payment and Settlement Systems in India: Vision 2019 – 2021 ‘ with its core theme of ‘Empowering Exceptional (E)payment Experience’ which is anticipated to achieve “a highly digital and cash-lite society” through the goal posts of competition, cost effectiveness, convenience and confidence (4Cs).

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