PM Narendra Modi ropes in Nandan Nilekani to boost process of digital payments post demonetisation

PM Narendra Modi has contended that large volume of liquid cash is a big source of corruption and black money.

New Delhi: Narendra Modi government has roped in Nandan Nilekani to help in boost the process of digital payments and encourage people to embrace a digital and cashless economy.

Nilekani, a member of the Congress party, who unsuccessfully contested the 2014 Lok Sabha elections from Bengaluru South against BJP's Ananth Kumar, and his 13-member committee has been entrusted with the job to get more people adopt to digital payments.

The former Infosys chief executive had recently spoken in favour of demonetisation saying, "shock given to the currency" will boost digital economy.

The former chairman of the Unique Identification Authority of India also opined that the "need of the hour" should be "cashless payments to merchants", which will go a long way in boosting digital economy.

Unified Payments Interface has been initiated by various banks in order to promote digital transactions.

About 30 banks including SBI, PNB and Canara Bank have their individual platforms.

UPI is an indigenously developed platform by National Payments Corporation of India (NPCI) and set up with the support of the Reserve Bank and Indian Banks Association (IBA).

With this new payment method, mobile phones are used as virtual debit cards and a customer is able to send or receive money instantly along with other features.

Prime Minister Narendra Modi, who has contended that large volume of liquid cash is a big source of corruption and black money, recently appealed to the people to lead the change towards cashless transactions to lay a strong foundation of an India where there is no place for such malaise.

In a historic decision Modi government on November 8 decided to scrap Rs 500 and Rs 1000 notes with an aim of ending corruption and black money.