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Reserve bank of india appoints five-member committee to deepen digital payments

Newdelhi:25/3/19: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.

About Editor in chief

Ashok Palit has completed his graduation from Upendranath College Soro, Balasore and post graduation from Utkal University in Odia Language and literture.. He has also carved out a niche for himself as a scribe of eminence after joining the profession in 1988. He is also an independent media production professional. He brings loads of experience to Advanced Media, Ashok Palit as a cineaste has been active in film criticism for over three decades. As a film society activist, he soared to eminence for his profound commitment to the art film appreciation and aesthetics of cinema. His mode of discourse is often erudite but always lucid and comprehensible marked by a perfect acumen so rare in the field. A film aesthete with an immense fond of critical sensibilities, he wrote about growth and development of odia cinema in New Indian Express, The Times of India, The Hindustan Times, The Asian Age and Screen. He has been working as an Editor for Cine Samaya from 2002-2004.. He had made solid contribution on cinema in many odia Dailies and weekly such as Samaj, Prajatantra, Dharatri, Samaya, Satabadi, and weekly Samaya.

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