RBI constitutes 6-member Payments Regulatory Board

• The Reserve Bank of India (RBI) constituted the six-member Payments Regulatory Board to supervise the functioning of payment systems in the country.

• The panel is headed by the RBI Governor and includes three central government nominees.

• The Payments Regulatory Board (PRB) replaces the Board for Regulation and Supervision of Payment and Settlement System (BPSS), a committee of the Central Board of the Reserve Bank of India.

• The five-member BPSS was also headed by the RBI Governor, but did not include any government nominee.

• The other two RBI members on the PRB are Deputy Governor and Executive Director in-charge of the Payment and Settlement Systems.

• The government nominees in PRB are Secretary, Department of Financial Services; Secretary, Ministry of Electronics and Information Technology; and Aruna Sundararajan, former telecom secretary.

• The Principal Legal Adviser of RBI is a permanent invitee to the meetings of the board.

• The PRB shall ordinarily meet at least twice a year.