A Reserve Bank-appointed committee headed by Aadhaar architect Nandan Nilekani has submitted its suggestions on promoting digital payments to Governor Shaktikanta Das, the central bank has said.
In January, the Reserve Bank of India had set up the five-member panel on deepening digital payments with a view to encouraging digitisation of payments and enhance financial inclusion through digitisation.
In a statement, the Reserve Bank said the committee held its deliberations including consultations with various stakeholders and submitted its report to Governor Das. “The Reserve Bank of India 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.
The panel was tasked with reviewing the existing status of digitisation of payments in the country, identifying the current gaps in the ecosystem and suggesting ways to bridge them and assessing the current levels of digital payments in financial inclusion.
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 H R Khan, former MD and CEO 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 (CIIE), 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 (4Cs).