Mumbai, June 7 -- The Reserve Bank of India (RBI) and the government must target growth in the volume of digital payments by a factor of 10 in three years, leading to doubling in value relative to gross domestic product (GDP), said the Nandan Nilekani-led committee on deepening of digital payments. This growth will be driven by a shift from high-value, low-volume, high-cost transactions to low-value, high-volume, low-cost transactions, the panel noted. RBI constituted the five-member committee in January to review the status of digitization of payments, identify gaps in the ecosystem, and suggest ways of plugging them. It was tasked to suggest a medium-term strategy for deepening digital payments and measures to strengthen safety and securi...