Nandan Nilekani Committee: Towards Less Cash Economy
Why in News?
- The RBI constituted a committee under Nandan Nilekani in January, 2019, to review the existing status of digitisation of payments in the country, identifying the current gaps in the ecosystem and suggesting ways to bridge them.
Need for Digitisation
- Digital Payment Lags Behind Cash Payment: Debit and credit card payments made up nearly 39 % percent of payment systems volume in the year 2018, which is quite low in comparison to cash payment.
- To Reduce Large Share of Cheque Volume: India’s share of cheque volume relative to all payment instruments was high at 7.3 per cent in ....
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