Mumbai: The Reserve Bank of India on Tuesday set up a high-level committee under former Infosys co-founder and Aadhaar architect Nandan Nilekani to suggest measures to strengthen the safety and security of digital payments in the country.

The five-member panel on deepening of digital payments has been constituted with a view to encourage digitisation of payments and enhance financial inclusion through digitisation, the RBI said in a statement.

"The committee shall submit its report within a period of 90 days from the date of its first meeting," it added.

The panel will review the existing status of digitisation of payments in the country, identifying the current gaps in the ecosystem and suggesting ways to bridge them and assessing the current levels of digital payments in financial inclusion.

It has been tasked to "suggest measures to strengthen the safety and security of digital payments... (and) a road map for increasing customer confidence and trust while accessing financial services through digital modes".

The panel will undertake cross country analyses with a view to identify best practices that can be adopted in our country to accelerate digitisation of the economy and financial inclusion through greater use of digital payments.

As per the RBI, it will alsosuggest a medium-term strategy for deepening of digital payments.

The composition of the Committee comprises of:

  1. Nandan Nilekani - Former Chairman, Unique Identification Authority of India Chairman

  2. R. Khan -Former Deputy Governor, Reserve Bank of India Member

  3. Kishore Sansi -Former Managing Director & Chief Executive Officer, Vijaya Bank Member

  4. Aruna Sharma - Former Secretary, Ministry of Information Technology and Steel Member

  5. Sanjay Jain - Chief Innovation Officer, Center for Innovation, Incubation & Entrepreneurship (CIIE), IIM Ahmedabad Member