CURRENT AFFAIRS

Detailed explanation-1: -N.L. Sarda is the Chairman and Prof. G. Sivakumar is the Co-Chairman of the Technical Advisory Committee.

Detailed explanation-2: -The Committee on Digital Payments was constituted by the Ministry of Finance under the chairmanship of Ratan P Watal. The committee was appointed to recommend appropriate measures for encouraging digital payments in India.

Detailed explanation-3: -One of the first online payment systems in the country dates back to 1996, where the Industrial Credit and Investment Corporation of India (ICICI) began to offer their clients online banking services in their retail branches.

Detailed explanation-4: -RBI appointed committee on digital payments,headed by Nandan Nilekani, has made recommendations for strengthening digital payments ecosystem in India.

Detailed explanation-5: -The Reserve Bank had announced construction of a composite Reserve Bank of India – Digital Payments Index (RBI-DPI) with March 2018 as base to capture the extent of digitisation of payments across the country.