India’s central bank has constituted a 5 member committee to strengthen the digital payment scene in the country. Nandan Nilekani co-founded of Infosys will be heading the RBI’s newly formed committee.
Apart from Mr Nilekani, the committee will include 4 other members who are HR Khan, former deputy governor of the RBI, Aruna Sharma, former IT and Steel Secretary, Sanjay Jain, CIO at Centre for Innovation, Incubation and Entrepreneurship, IIM Ahmedabad as well as Kishore Sansa, the former CEO and MD of Vijaya Bank.
The five-member committee will focus to assess and evaluate the digitization of payments in India. The committee will submit its first report within three months after holding the first meeting, according to RBI. The panel will provide recommendations regarding the role of the digital ecosystem in the overall financial inclusion.
The five-member panel will work towards drafting and penning down the appropriate frameworks required to enhance the technology and facilitate the use of digital payment channels in India. The panel will also focus on strengthening the security and safety of digital transactions. The panel plans to conduct country-wide surveys to identify the best practices to speed up the digitization process.