Demonetisation drive of the Narendra Modi-led NDA government last month to battle black money and root out corruption from the system, and encourage the shift from cash-based economy to cashless economy via faster implementation of digital mode of payments system across the country has led it to turn to Nandan Nilekani and thereby ensure a smooth and comprehensive transition.
In a surprise move, the former UIDAI chairman and Infosys co-founder Nandan Nilekani was appointed as the digital advisor by the government – the process has faced several issues since the ban of Rs 500 and Rs 1,000 notes was announced and Nilekani is expected to solve that problem as he has the experience. His heading the Aadhaar push will surely help push the masses to switch to digital payments platform.
Though PM’s idea and intention seems to be exciting for the country’s future growth, but at the same time, implementation demands a huge concern. It remains a real challenge, especially at a time when pressure is mounting on the Centre to improve cash flows at the ATMs and bank branches.
However, Nilekani’s strategy to move the masses towards digital payments through smartphones and point-of-sale machines in local villages, will be set soon along with his 13-person committee, a Bloomberg report suggests.
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The committee will focus on two important things; one to get more merchants to accept the government’s United Payments Interface and procure more point-of-sale devices, the report added. “There is a sense of urgency,” said Nilekani. “All the strategies have to be deployed at the same time to aim for universal coverage,” Bloomberg report said.
Nilekani has openly supported the government’s demonetisation move and with that he also mentioned that the economic slowdown will be short-term in nature and the country’s growth would soon bounce back with the government’s thrust on digitisation and adoption of technology, according to reports by F. Business.
As the government intends to link governmental banking services directly to its employees, including the army, judiciary and paramilitary forces, Nilekani’s expertise could come handy.
