Payments Regulatory Board

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

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