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RBI appoints Nandan Nilekani as head of panel to boost digital payments

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The Reserve Bank of India Tuesday formed a committee under Aadhaar architect Nandan Nilekani to suggest measures to strengthen the safety and security of digital payments in the country.

The five-member panel on deepening of digital payments has been constituted with a view to encourage digitization of payments and enhance financial inclusion through digitization, the RBI said in a statement.

Last year, technocrat Nandan Nilekani returned to IT major Infosys, which is the tech-enabler for the GST Network

"The committee shall submit its report within a period of 90 days from the date of its first meeting," it added.

The panel has been tasked with reviewing the existing status of digitisation of payments in the country, identifying the current gaps in the ecosystem and suggesting ways to bridge them and assessing the current levels of digital payments in financial inclusion.

It will also "suggest measures to strengthen the safety and security of digital payments... (and) a road map for increasing customer confidence and trust while accessing financial services through digital modes".

It has also been asked to undertake cross country analyses with a view to identify best practices that can be adopted in our country to accelerate digitisation of the economy and financial inclusion through greater use of digital payments.

Another term of reference of the panel, the RBI said is to suggest a medium-term strategy for deepening of digital payments.

Besides Infosys co-founder Nilekani, other members of the panel are former RBI deputy governor H R Khan, former MD and CEO of Vijaya Bank Kishore Sansi and former secretary in ministries of IT and steel Aruna Sharma.

The fifth member is Sanjay Jain, chief innovation officer, Centre for Innovation, Incubation & Entrepreneurship (CIIE), IIM Ahmedabad.

posted Jan 8 by Sandeep Nair

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A recent news in times of India says that a woman is robbed of her bitcoins worth 41 lakh in indian rupees. Her e wallet account got hacked by some unidentified persons. The woman claims that there are more of bitcoin users hacked and the total worth of coins stolen could be anything between 50 crores to 100 crores in value of indian currency. She said that she had invested in bitcoins in februrary 2017 when introduced by her friend. The firm had conducted seminars in 5 star hotels to attract investors and she again invested more money in the cryprocurrencies as the owners of the company assured more than 12 pc monthly return on her money Initially she got some returns in her back account but later the company started paying in their own crypto coins. She objected and asked the company to return her money. The company asked for her email id and password on the pretext of validating her crypto account. Before she realised she has been duped the company and the owners disappeared with her money and other investors money too
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BFC Bank, owned by BFC Group, is the latest bank to launch in the UK promising to act as a new, specialist bank that offers reliable, safe banking services to Small and Medium Enterprises (SME’s), Payments Service Providers (PSP’s) and Money Service Providers (MSP’s) that trade internationally.

BFC Bank

BFC Bank launches in UK as specialist provider to PSP’s and MSP’s

BFC Bank makes it clear that it has a 100-year history and is not a so-called Challenger Bank. Rather they have entered the market to service the 60% of SME businesses that make up the back bone of the UK market. The purpose of this entry is to advantage of the “De-risking” that many of the UK’s High Street banks implemented over the last few years.

In the process of De-risking the banks left many SME’s, PSP’s and MSP’s without accounts to provide their services from. Essentially these companies were notified that they had 3 months before their accounts were closed.

BFC Bank sees a massive opportunity to services these clients whom remain underserved by the banking industry through De-risking. “Banking is full of rules and regulations. It’s become too easy when banks have to deal with customers to hide behind these regulations rather than actually solving problems,” explains David Price, CEO, BFC Bank.

“We help small businesses find ways to solve problems. We’re a small business ourselves – we think like they do, and in many ways, we are one of them. We make it clear that we want people working for us who don’t just deal in platitudes, who don’t only speak about putting the customer first – we want to actually do that, to think about how I’d want things to go if it were my business. We don’t hide behind regulations. We are a human-centric, values-driven company.”

Working with SME’s – BFC Banks international payments services complement the existing banking arrangements. SME’s can enjoy an online services and support from experienced relation managers and expert payments teams

Working with PSP’s – BFC Bank knows how important it is for PSP’s to have access to UK domestic payments and cash management services. Fewer banks now provide current accounts and financial services to PSP’s.

Transparent FX – BFC Bank knows about FX charges. It provides clear information on tariffs. This transparency gives the confidence the client needs from a corporate bank and a benchmark against other providers. International payments and FX are BFC’s core competencies.

“We’ve grown from a small business and therefore we have empathy with the small business sector. The UK is a trading nation where SMEs play a vital role and they needs banks that can understand them, made up of staff that can deliver,” says Robert Greene, General Manager, Corporate Banking Division, BFC Bank.

“We are secondary bankers – we have a dedicated relationship management team that can understand businesses and can appreciate the problems they face. The relationships management and customer service mechanisms are vital. Our people will come to visit you and get to understand your business. If we don’t deliver then people won’t use us, and we understand therefore that we always have to deliver.”

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Bitcoin and digital money mining have given a steady and developing business sector for the PC equipment makers that create the pertinent chips for each fragment. The primary player on the GPU side (rather than ASIC mining) in 2017 was Nvidia, yet even it couldn't envision the solid request from excavators as the year advanced 

Mining Boosts Earnings 

Nvidia Corporation (NASDAQ: NVDA), the illustrations handling unit (GPU) producer, has announced a record income for the final quarter (which finished January 28, 2018) of $2.91 billion, up 34 percent from $2.17 billion a year sooner. The organization accomplished this pinnacle money related execution, at any rate to a limited extent, because of solid request from digital currency diggers which purchase its illustrations cards in mass. 

"We accomplished another record quarter, topping a fantastic year," said Jensen Huang, originator and CEO of Nvidia. "In a capable indication of our advance, participants at Nvidia's GPU Technology Conferences achieved 22,000, up ten times in five years, as programming designers working in AI, self-driving autos, and an expansive scope of different fields kept on finding the quickening and cash sparing advantages of our GPU figuring stage." 

Up to $230 Million in Mining Revenue 

"Solid request in the cryptographic money showcase surpassed our desires," Nvidia Chief Financial Officer Colette Kress said in the organization's final quarter income call. "While the general commitment of cryptographic money to our business stays hard to evaluate, we trust it was a higher level of income than the earlier quarter. All things considered, our principle concentrate stays on our center gaming market, as digital currency patterns will probably stay unpredictable." He included, "We demonstrated crypto roughly level" for next quarter. 

Investigators following the stock evaluated the effect, which the CFO was hesitant to measure, in the several millions. RBC Capital Markets' Mitch Steves assessed that Nvidia's digital money income rose to $180 million in Q4 from just $70 million the past quarter. BMO Capital Markets Ambrish Srivastava anticipated that altogether the mining section constituted more than $230 million for the period. "We had said the organization expected to beat and raise, and it beyond any doubt did, to say the least," Srivastava wrote in a note to customers. "Crypto likely had a hand to play in the outcomes."