The Reserve Bank of India on Tuesday named a five-member panel to encourage digital payments and to “enhance financial inclusion through digitisation”. Former Unique Identification Authority of India Chairperson Nandan Nilekani will head the panel, which will be known as the High-Level Committee on Deepening of Digital Payments.
The committee will review the status of digitisation of payments in India and identify gaps and suggest ways to overcome them, the central bank said. It will undertake a “cross-country analysis” to identify the best practices that can be used to accelerate digitisation of the economy and improve financial inclusion.
The panel will suggest policies to improve the safety of digital payments, the RBI said. It will provide a “road map” for increasing customers’ trust while accessing digital financial services. The panel will submit its report on digital payments within 90 days from its first meeting.
The committee also comprises former RBI Deputy Governor HR Khan, former Vijaya Bank Managing Director Kishore Sansi, former Information Technology Secretary Aruna Sharma, and Sanjay Jain, the chief innovation officer at the Center for Innovation, Incubation & Entrepreneurship, IIM Ahmedabad.
The Centre had last year proposed to set up a separate digital payments regulator, which was a point of disagreement between the government and former RBI Governor Urjit Patel.