Payments Regulatory Board Latest News
Recently, the Reserve Bank of India (RBI) constituted a six-member Payments Regulatory Board (PRB).
About Payments Regulatory Board
- It derives its authority from the Payment and Settlement Systems Act, 2007.
- It replaces the Board for Regulation and Supervision of Payment and Settlement Systems (BPSS), a committee of the RBI’s Central Board.
- Composition of Payments Regulatory Board
- Ex officio Chairperson: RBI Governor
- Ex officio members: Deputy Governor and the Executive Director in charge of Payment and Settlement Systems.
- Government nominees: Central government nominates 3 members to the board.
- The principal legal adviser of the RBI is a permanent invitee to the meetings of the board.
- The PRB will be supported by the RBI’s Department of Payment and Settlement Systems (DPSS), which will report directly to the PRB.
- Decision Making: Decisions by a majority of members present and voting. In the event of a tie, the chairperson — or in his absence, the deputy governor will have a second or casting vote.
- The Board is required to meet at least twice a year.
- Function of PRB: It is responsible for the regulation and supervision of all payment systems including electronic and non-electronic, domestic and cross-border systems.
Source: IE
Payments Regulatory Board FAQs
Q1: What is the primary purpose of the Payments Regulatory Board (PRB)?
Ans: The PRB aims to ensure the stability and efficiency of payment systems, promote innovation, and protect consumer interests
Q2: How often does the Payments Regulatory Board meet?
Ans: At least twice a year.
