Digital Payments Current Affairs - 2019
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The Reserve Bank of India (RBI) has constituted a high-level committee under Nandan Nilekani to suggest measures to strengthen the safety and security of digital payments in the country.
Members of the Committee
Nandan Nilekani will be the head of the committee which comprises of former RBI deputy governor H.R. Khan, former MD and CEO of Vijaya Bank Kishore Sansi, former secretary in ministries of IT and steel Aruna Sharma and chief innovation officer, Centre for Innovation, Incubation & Entrepreneurship (CIIE), IIM Ahmedabad, Sanjay Jain.
Terms of the Reference
RBI has provided the following terms of reference for the committee:
- To encourage digitisation of payments and enhance financial inclusion through digitization.
- Reviewing the existing status of digitisation of payments in the country, identifying the current gaps in the ecosystem and suggesting ways to bridge them.
- Assessing the current levels of digital payments in financial inclusion.
- Suggest measures to strengthen the safety and security of digital payments.
- Suggest a road map for increasing customer confidence and trust while accessing financial services through digital modes.
- Undertake cross-country analysis to identify best practices to accelerate digitisation of the economy and financial inclusion through greater use of digital payments.
- Suggest a medium-term strategy for deepening of digital payments.
RBI has asked the committee to submit its report within a period of 90 days from the date of its first meeting.
NITI Aayog has signed Statement of Intent (SoI) with noted media personality and entrepreneur Sushant Singh Rajput to collaborate and support its flagship Women Entrepreneurship Platform (WEP) initiative. In his new role, actor turned entrepreneur will support NITI’s initiative for women entrepreneurs, to fund women-led startups to establish a vibrant, enabling entrepreneurial ecosystem for women of the country. He will also promote Bharat Interface for Money (BHIM) digital payments app for cashless economy by appearing in various video, print and social media campaigns of NITI Aayog. He will also support NITI Aayog in promoting Women Transforming India Awards 2018 with theme ‘Women and Entrepreneurship’.
Women Entrepreneurship Platform (WEP)
NITI Aayog had launched Women Entrepreneurship Platform (WEP) in March 2018 on the occasion of the International Women’s Day.
- Build ecosystem for women across India to realize their entrepreneurial aspirations, scale-up innovative initiatives and chalk-out sustainable, long-term strategies for their businesses.
- Power vibrant entrepreneurial ecosystem through enabling network of industry collaborations, partnerships, mentors and peer-to-peer connect.
WEP helps aspiring women entrepreneurs in three different ways which is manifested as its three pillars. They are
- Ichha Shakti: Motivating aspiring entrepreneurs to start their enterprise.
- Gyaan Shakti: Providing knowledge and ecosystem support to women entrepreneurs to help them foster entrepreneurship.
- Karma Shakti: Providing hands-on support to entrepreneurs in setting-up and scaling up businesses