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Current Affairs

Nandan Nilekani Committee on Digital Payments submits report

Date: 18 May 2019 Tags: Banking Committees

Reserve Bank of India (RBI) appointed committee headed by Nandan Nilekani has submitted its suggestions on promoting digital payments to Governor Shaktikanta Das. Now, RBI will examine recommendations of committee and will link action points, wherever necessary, in its Payment Systems Vision 2021 for implementation.

Background

  • RBI had constituted five-member committee on deepening digital payments in January 2019 with a view to encouraging digitisation of payments and enhance financial inclusion through digitisation.
  • Mandate: It was tasked with reviewing existing status of digitisation of payments in the country, identifying current gaps in ecosystem and suggest ways to bridge them and assessing current levels of digital payments in financial inclusion.
  • It was also asked to undertake cross country analyses with 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.
  • Members: Infosys co-founder Nandan Nilekani was its chairman.  Its members were former RBI deputy governor H R Khan, former MD and CEO of Vijaya Bank Kishore Sansi, former secretary in ministries of IT and steel Aruna Sharma and Sanjay Jain, chief innovation officer, Centre for Innovation, Incubation & Entrepreneurship (CIIE), IIM Ahmedabad.

Payment Systems Vision 2021

RBI earlier had released 'Payment and Settlement Systems in India: Vision 2019 - 2021' with its core theme of 'Empowering Exceptional (E) payment Experience'.  It envisages to achieve highly digital and cash-lite society through goal posts of competition, cost effectiveness, convenience and confidence (4Cs).