CURRENT AFFAIRS

Detailed explanation-1: -The Reserve Bank of India (RBI) has appointed Nandan Nilekani, co-founder of Infosys, as the chairman of a five-member high-level committee that will work towards deepening digital payments in India.

Detailed explanation-2: -The Reserve Bank of India had constituted a Working Group (WG) on digital lending including lending through online platforms and mobile apps on January 13, 2021, with Shri Jayant Kumar Dash, Executive Director, RBI as the Chairman.

Detailed explanation-3: -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-4: -The Reserve Bank of India (RBI) as the central bank of India has been playing this developmental role and has taken several initiatives for Safe, Secure, Sound, Efficient, Accessible and Authorised payment systems in the country.

Detailed explanation-5: -The index for March 2022 stands at 349.30 as against 304.06 for September 2021, which was announced on January 19, 2022. The RBI-DPI index has demonstrated significant growth representing the rapid adoption and deepening of digital payments across the country in recent years.