The high-level committee set up by the Reserve Bank of India on Deepening of Digital Payments has submitted its recommendations to the governor. The five-member team, under the chairmanship of former UIDAI chairman Nandan Nilekani, worked for three months holding deliberations and consultations with various stakeholders to review the status of digitisation of payments and identify gaps in the ecosystem.
While the RBI is yet to make the report public, according to sources, the committee is believed to have made several suggestions to strengthen safety and security of digital payments that could increase customer confidence, and follow best practices to increase faster adoption of digital payments. However, the RBI has said that it will study the recommendations and make an action plan that aligns with the five-year vision document on payments and settlement systems in India that was recently released.
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