- The Reserve Bank of India (RBI) has constituted a high-level committee under Nandan Nilekani to recommend measures to strengthen the security and safety of digital funds within the country.
RBI has provided the following terms of reference for the committee
- To encourage digitization of funds and improve financial inclusion via digitization.
- Reviewing the existing standing of digitization of funds within the nation, identifying the present gaps within the ecosystem and suggesting methods to bridge them.
- Assessing the present levels of digital funds in financial inclusion.
- Recommend measures to strengthen the security and safety of digital funds.
- Recommend a road map for rising customer confidence and belief whereas accessing monetary companies via digital modes.
- Undertake cross-country evaluation to establish best practices to accelerate digitization of the financial system and monetary inclusion via better use of digital funds.
- Recommend a medium-term technique for deepening of digital funds.
- RBI has asked the committee to submit its report inside a period of 90 days from the date of its first meeting.