The Reserve Bank of India (RBI) has appointed Nandan Nilekani, co-founder of Infosys, as the chairman of the committee to assess digitisation of payments in India, according to Reuters. Nilekani has earlier worked as the chairman of the UIDAI and looked after the implementation of the Aadhar card in the country during the UPA government. Under the leadership of former Infosys CEO Nandan Nilekani, who was the chairman, the Unique Identification Authority of India (UIDAI) was founded in 2009.
The five-member panel on deepening of digital payments has been constituted with a view to encourage digitisation of payments and enhance financial inclusion through digitisation, the RBI said in a statement. "The committee shall submit its report within a period of 90 days from the date of its first meeting," it added.
The panel has been 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 will also "suggest measures to strengthen the safety and security of digital payments... (and) a road map for increasing customer confidence and trust while accessing financial services through digital modes".
It has also been 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. Another term of reference of the panel, the RBI said is to suggest a medium-term strategy for deepening of digital payments.
Besides Infosys co-founder Nilekani, other members of the panel are 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. The fifth member is Sanjay Jain, chief innovation officer, Centre for Innovation, Incubation & Entrepreneurship (CIIE), IIM Ahmedabad.
It was initially started by the Planning Commission so as to provide identification for each resident across the country. Started by the United Progressive Alliance (UPA) regime, it aimed for efficient delivery of welfare services. By this method, the government can also monitor various programs and schemes. It works as a proof of identity and address for the residents living across India.
(With PTI inputs)