To strengthen digital payments ecosystem in India, Reserve Bank of India (RBI) has constituted a special committee headed by Infosys co-founder Nandan Nilekani.
The committee will asses the digitisation of payments in India and will have four other members – HR Khan, former deputy governor, RBI, Kishore Sansi, former MD and CEO, Vijaya Bank, Aruna Sharma, former IT & steel secretary, Sanjay Jain, CIO at Centre for Innovation, Incubation and Entrepreneurship, IIM Ahmedabad.
The five members panel would consult on matters and offer suggestions around the role of digital payments in overall financial inclusion. They would also lay out frameworks to expedite usages of digital payments instruments in the country along with strengthening security and safety of digital transactions.
The committee will also conduct cross-country analyses to identify the best practices that can be adapted to accelerate digitisation of the economy.
According to the apex banking body, the committee will submit the report within three months after holding its first meeting.
Nilekani has earlier served as the chairman of the UIDAI and monitored the implementation of the Aadhaar card in the country during the UPA regime. He was also roped in by Prime Minister Narendra Modi to find solutions to make the economy digital payments driven after a month of announcing demonetisation in 2016.