Finance Minister Arun Jaitley has proposed a creation of a six-member Payments Regulatory Board in the RBI, headed by RBI Governor Urjit Patel as part of bringing about structural reforms in the payment eco-system.
For the purpose, necessary amendments are proposed in the Finance Bill 2017 to create a Payments Regulatory Board in the Reserve Bank of India by replacing the existing Board for Regulation and Supervision of Payment and Settlement Systems.
In his Budget Speech, Jaitley stated a Committee on Digital Payments constituted by Department of Economic Affairs has recommended structural reforms in the payment eco system, including amendments to the Payment and Settlement Systems Act, 2007. So, let’s discuss some questions related to this post:
Q1. Name the Six-Member committe of RBI, which has been Proposed by finance minister Arun Jaitley to replacing the existing Board for Regulation and Supervision of Payment and Settlement Systems, recently?
Ans1. Payments Regulatory Board
Source- The Hindu