The Reserve Bank of India on Tuesday appointed the former chairman of Unique Identification Authority of India (UIDAI), Nandan Neilkani, as the chairman of the Committee of Deepening of Digital Payments. This new committee is a high-powered committee which will be formed to assess digitization of payments in the country. It will have four members who will review the existing status of digitalization of payments in India and assess the current levels of digital payments in financial inclusion, according to RBI.
The other members on the committee include former RBI deputy governor HR Khan, former Vijaya Bank CEO Kishore Sansi and former IT secretary Aruna Sharma. The central bank also appointed Sanjay Jain, chief innovation officer, Center for Innovation, Incubation & Entrepreneurship (CIIE), Indian Institute of Management Ahmedabad (IIM) Ahmedabad, as member of the panel.
The RBI said that panel will do the cross-country analyses to identify the best policies across many countries which can be implemented in our country to accelerate digitalization of economy and financial inclusion through digital payments. The committee will have to recommend the steps that can be taken to strengthen the safety and security of digital payments in India and also a roadmap to increase the consumer confidence while assessing the digitalization of financial services.
The committee will submit its report within 90 days of its first meeting and will find a mid-term strategy to deepen the digital payments. With the recent Supreme Court ruling making Aadhaar not mandatory, there has been a slowdown in customer addition by digital payment players.
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