New Delhi: The Reserve Bank of India on Tuesday formed a panel led by Infosys chairman Nandan Nilekani to intensify the Modi government's effort in transforming the nation into a digital economy. The five-member panel, which will have four other members including a former deputy governor of the RBI, has been constituted to look at ways "to encourage digitisation of payments and enhance financial inclusion through digitization," the central bank said in a statement.

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

Nilekani, the architect of a body that oversees the country's biometric ID project, Aadhaar, has been called to the fore to look at ways to improve the security of digital payments. The remaining members of the panel include RBI deputy governor HR Khan, former secretary in ministries of IT and steel Aruna Sharma and Kishore Sansi, former MD and CEO of Vijaya Bank.

The panel has also been tasked with delivering "a road map for increasing customer confidence and trust while accessing financial services through digital modes" in addition to identifying the current gaps in the ecosystem and suggesting ways to bridge them and assessing the current levels of digital payments in financial inclusion.