RBI Sets Up Payments Regulatory Board
In a significant structural shift, the Reserve Bank of India (RBI) has set up a new six-member Payments Regulatory Board (PRB) to oversee and regulate India’s payment systems. This move comes at a time when India’s digital payment landscape is expanding rapidly, requiring more focused and adaptable oversight. The PRB replaces the earlier Board for Regulation and Supervision of Payment and Settlement Systems (BPSS) and will function with broader authority and a more inclusive structure, ensuring transparency, efficiency, and security in both domestic and cross-border payment systems.
The Payments Regulatory Board is chaired by RBI Governor Sanjay Malhotra and includes five other members. The composition ensures a balance of expertise and oversight from both the central bank and the central government.
RBI Members
Government Nominees
This diverse composition aims to integrate technological, financial, and policy perspectives, ensuring the PRB remains responsive to emerging challenges in payment systems.
The Principal Legal Adviser of RBI serves as a permanent invitee, ensuring all regulatory decisions are legally sound.
The PRB is tasked with regulating and supervising all payment systems, including,
The scope of the PRB reflects the growing complexity and volume of payment flows in India. From traditional banking channels to fintech-led innovations, the Board will ensure security, interoperability, and resilience across the ecosystem.
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