RBI’s Payments Regulatory Board holds its first meeting

• The first meeting of the Payments Regulatory Board was held under the chairmanship of Reserve Bank Governor Sanjay Malhotra in Mumbai on January 5. 

What is Payments Regulatory Board?

• The Payments Regulatory Board was constituted consequent to an amendment in the Payment and Settlement Systems Act, 2007, which came into effect on May 9, 2025.

• The Payments Regulatory Board replaced 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 Board consists of six members including the chairperson. 

• The RBI Governor is the chairperson of the Board.

• The Payments Regulatory Board shall ordinarily meet at least twice a year.

• In its first meeting, the Board reviewed the functions of the Department of Payment and Settlement Systems and current focus areas covering both domestic and global payment systems. 

• The draft Payments Vision 2028 was presented, and Members gave strategic guidance to ensure the continued development of India’s payment ecosystem. 

• A presentation on the major findings of the Survey on Digital Payments, recently conducted by RBI, was also made.

(The author is a trainer for Civil Services aspirants.)