RBI appoints five-member committee to deepen digital payments

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Reserve Bank of India (RBI) Governor Shaktikanta Das has said that the central bank of the country has appointed 5-member committee under the chairmanship of Nandan Nilekani to further deepen digital payments and enhance financial inclusion through Fintech. He said, the RBI has requested the committee to give recommendations in 3 months in this regard. Mr. Das was speaking today at the inaugural event of Financial Technology (Fintech) Conclave being organized by NITI Aayog in New Delhi.

Mr. Das said, the objective of the conclave is to shape India’s continued ascendancy in FinTech, build the narrative for future strategy and policy efforts, and to deliberate steps for comprehensive financial inclusion. The RBI Governor said as a nation India must move for universal financial inclusion and total retail payment has grown nine folds in last five years. He said a consultation process with payment banks including seven purely digital loan companies will happen soon.

NITI Aayog CEO Amitabh Kant said India's ambition is to emerge as a 10 trillion dollar economy and this is not possible without a revolution in the Fintech sector.

Department of Economic Affairs secretary Subhas Chandra Garg said almost every customer in the banking system is connected digitally today even in the rural areas. He said digital payments and UPI have now become an accessible and feasible alternative for cash transactions. Nearly 300 Representatives from across the financial space - central ministries, regulators, bankers, startups, service providers and entrepreneurs are participating in the conclave. Financial technology, often shortened to Fintech, is computer programs and a new technology innovation that aims to compete with traditional financial methods in the delivery of financial services. (AIR)