The Reserve Bank of India (RBI) has set up a committee to recommend on how to ‘deepen’ digital payments. The idea is to encourage digitisation of payments and enhancing of financial inclusion through digitisation.
The five-member committee would be headed by Nandan Nilekani, chairman of Infosys Technologies and former chairman, Unique Identification Authority of India. The panel is to give its report within 90 days from the date of its first meeting.
The other panel members are H R Khan, former deputy governor at RBI; Kishore Sansi, former managing director at Vijaya Bank; Aruna Sharma, former secretary, ministry of information technology; and Sanjay Jain, chief innovation officer, Center for Innovation, Incubation & Entrepreneurship, IIM Ahmedabad. The committee will review the state of digitisation of payments in the country, identify gaps and how to bridge these.
The payments space has seen much of change in the past year, on rules and in other aspects, from data localisation to wallet interoperability. And, the Supreme Court’s (SC’s) Aadhaar judgment which barred private companies from using that database for paperless verification of customers.