RBI Appoints 5-Member Committee To Deepen Digital Payments

Dear Aspirants,

Reserve Bank of India (RBI) has appointed 5-member committee under the chairmanship of Nandan Nilekani to further deepen digital payments and enhance financial inclusion through Fintech. The RBI has requested the committee to give recommendations in 3 months in this regard. It was announced by the Governor of RBI, Mr Shaktikanta Das at the inaugural event of Financial Technology (Fintech) Conclave being organized by NITI Aayog in New Delhi. Financial technology, often shortened to Fintech, is computer programs and a new technology innovation that aims to compete with traditional financial methods in the delivery of financial services.

Other Members of the committee:

Other members are former Deputy Governor of RBI - H.R. Khan, former Secretary, Ministry of Information Technology and Steel - Aruna Sharma, former MD&CEO of Vijaya Bank - Kishore Sansi, Chief Innovation Officer, Center for Innovation, Incubation & Entrepreneurship (CIIE), IIM Ahmedabad - Sanjay Jain.

Terms of Reference of Committee:

It will review existing status of digitization of payments in the country and identify current gaps in digital payment ecosystem and suggest ways to bridge them.
It will assess the current levels of digital payments in financial inclusion.
It will undertake global analyses with view to identify best practices that can be adopted in India to accelerate digitization of economy and financial inclusion through greater use of digital payments.
It will suggest measures to strengthen safety and security of digital payments.
It will provide road map for increasing customer confidence and trust while accessing financial services through digital modes.
It will suggest a medium-term strategy for deepening of digital payments.

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