The Reserve Bank of India has constituted a high-level committee on deepening of digital payments. The committee, to be headed by Nandan Nilekani, former chairman, Unique Identification Authority of India, will examine ways to encourage digitization of payments and enhance financial inclusion through digitization. The other members of the committee are H.R. Khan, former deputy governor of RBI, Kishore Sansi, former MD & CEO of Vijaya Bank, Aruna Sharma, former secretary, ministry of information technology and steel, Sanjay Jain, chief innovation officer, Center for Innovation, Incubation & Entrepreneurship (CIIE), IIM Ahmedabad. Among the terms of reference of the committee are to review the existing status of digitization of payments in the country, identify the current gaps in the ecosystem and suggest ways to bridge them; to assess the current levels of digital payments in financial inclusion; to undertake cross country analyses with a view to identify best practices that can be adopted in our country to accelerate digitization of the economy and financial inclusion through greater use of digital payments; and suggest measures to strengthen the safety and security of digital payments;
