RBI appointed the Infosys co-founder as the head of digital payments

Reports says that the Infosys co-founder Nandan Nilekani is appointed as the chairman of RBI committee to handle the digital payments.

The development comes after an inter-ministerial committee, headed by former finance secretary Ratan Watal, recommended setting up of an independent Payments Regulatory Board (PRB) to regulate the digital payments sector. This committee had recommended that the PRB would be established within the overall structure of RBI with a majority of non-RBI members nominated by the Central government.

RBI said that the proposed body must stand with the Reserve Bank. It will be headed by the RBI Governor. The proposed body will hopefully beneficial for the financial system of India.