RBI Governor Current Affairs - 2019
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The Reserve Bank of India (RBI) appointed committee on ‘suggestions on promoting digital payment’ has submitted its report to RBI Governor Shaktikanta Das. The committee was headed by Nandan Nilekani, also known as Aadhaar Architect.
- Background: In January 2019 RBI had set up a five-member panel headed by Nilekani, on deepening digital payments with a view of encouraging digitisation of payments and enhancing financial inclusion via digitisation.
- Panel Members: Besides Nandan Nilekani (Infosys co-founder), H R Khan (former RBI deputy governor), Kishore Sansi (former MD and CEO of Vijaya Bank), Aruna Sharma (former secretary in ministries of IT and steel) and Sanjay Jain (chief innovation officer, Centre for Innovation, Incubation & Entrepreneurship (CIIE), IIM Ahmedabad).
- The panel was tasked to review existing status of digitisation of payments in India, identify current gaps in ecosystem and suggest ways to bridge them. It also assessed current levels of digital payments in financial inclusion.
- It undertook cross country analyses with a view of identifying best practices which can be adopted in India so as to accelerate digitisation of economy and financial inclusion through greater use of digital payments.
- RBI will examine recommendations given by committee and will link action points, wherever required and necessary, in its ‘Payment and Settlement Systems in India: Vision 2019 – 2021‘ for implementation.
- The Payment Systems Vision 2021 was recently released by RBI. It seeks to ensure a secure, safe, quick, affordable and convenient, e-payment system with aim of making India a ‘cash-lite’ society.
Tags: Aadhaar Architect • Centre for Innovation • Digital India • Digitisation of Payments • Incubation & Entrepreneurship • Nandan Nilekani • Nilekani Panel on Digital Payments • Payment And Settlement Systems In India: Vision 2019 – 2021 • RBI • RBI Governor • Reserve Bank of India • Shaktikanta Das
- India’s former economic affairs secretary and current member of the Finance Commission Shaktikanta Das is to be appointed as next RBI Governor. He will be the 25th Governor of the apex bank of the country.
About Shaktikanta Das
- Shaktikanta Das is a 1980 batch IAS officer of Tamil Nadu Cadre and a very prominent bureaucrat who served under both NDA and UPA governments.
- He served as economic affairs secretary from 2015 to 2017; and was key official in both big economic moves of the government viz. demonetisation and implementation of GST.
- Appointment committee of cabinet approved Shaktikanta Das appointment as RBI governor. He will serve as governor for the term of three years.
After the resignation of Urijit patel, Shaktikanta Das has been appointed as 25th governor of RBI. Urijit Patel resigned due to personal reasons. His tenure as RBI governor was about to complete in September 2019. Patel has become fourth RBI to step down before end of term. Before him, Sir Osborne Smith, Benegal Rama Rau and S Jagannathan had resigned before completion of their respective tenures.