BANKING AFFAIRS

Detailed explanation-1: -Detailed Solution: The Reserve Bank of India (RBI) announced that it was constituting of a ‘high-level committee for deepening of digital payments’. Former UIDAI chairman and Infosys Co-founder Nandan Nilekani as the Chairman of the five-member committee.

Detailed explanation-2: -Detailed Solution. A High-Level Committee on Deepening of Digital Payments has been set up by the Reserve Bank of India under the Chairmanship of Nandan Nilekani. He is the former Chairman of the UIDAI. The committee was set up in January 2019.

Detailed explanation-3: -Nilekani-led committee recommends making all digital transactions to govt free. The report made recommendations to major regulators with the objective to reduce cash based payments.

Detailed explanation-4: -Recommendations of the Ratan P Watal Committee: The Committee has suggested a medium-term plan for quickening India’s adoption of digital payments.

Detailed explanation-5: -RBI launched a pilot programme ‘Expanding and Deepening of Digital Payments Ecosystem’ in October 2019 for making one district in each State/ UT 100% digitally enabled. In Kerala, Thrissur and Kottayam districts are completely digitalized under the programme.