RBI’s Payments Regulatory Board Holds First Meeting
Why in the news
The Payments Regulatory Board convened for the first time in Mumbai with Sanjay Malhotra in the chair. The meeting put the revamped payments governance set-up into operation.
Key facts
- PRB is a statutory authority through which the RBI regulates, supervises and enforces rules on payment and settlement systems.
- Legal basis: Section 3, PSS Act, 2007.
- Operational since 9 May 2025, replacing the BPSS.
Composition
| Role | Who |
|---|---|
| Chairperson | RBI Governor |
| Member | RBI Deputy Governor in charge of payments |
| Members | Central Government nominees |
| Members | Independent experts in payments, fintech, cybersecurity, financial markets |
| Members | Senior officials from payment infrastructure bodies such as NPCI, UIDAI |
Functions
- Authorisation: grant, regulate, suspend or cancel approvals for UPI, card networks, wallets, RTGS/NEFT and prepaid instruments.
- Standards: set technical, operational and cybersecurity rules.
- Risk and consumer protection: systemic and settlement risk, data security, privacy, dispute resolution.
- Enforcement: inspections, audits, binding directions, penalties.
Exam angle
- PRB chair: RBI Governor; predecessor: BPSS.