Nilekani-Led Panel On Digital Payments Submits Report To RBI

A Reserve Bank of India-appointed committee headed by Aadhaar architect Nandan Nilekani submitted its suggestions to Governor Shaktikanta Das on promoting digital payments.

In January, the Reserve Bank of India had set up a five-member panel on deepening digital payments with a view to encourage digitisation of payments and enhance financial inclusion.

In a statement, the RBI said the committee held its deliberations including consultations with various stakeholders and submitted its report to Das.

“The RBI will examine the recommendations of the committee and will dovetail the action points, wherever necessary, in its Payment Systems Vision 2021 for implementation,” it said.

It was also asked 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.

Besides Infosys co-founder Nilekani, former RBI deputy governor HR Khan, former Managing Director and Chief Executive Officer of Vijaya Bank Kishore Sansi and former secretary in ministries of IT and steel Aruna Sharma were also member of the panel.

The fifth member is Sanjay Jain, chief innovation officer, Centre for Innovation, Incubation & Entrepreneurship, IIM Ahmedabad.

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

The 'Payment and Settlement Systems in India: Vision 2019 - 2021', with its core theme of ‘Empowering Exceptional (E)payment Experience’, envisages to achieve "a highly digital and cash-lite society" through the goal posts of competition, cost effectiveness, convenience and confidence.