Payments Regulatory Board (PRB): Six-Member Body Formed
Why in the news
RBI set up a statutory board to oversee payment systems, taking over from the older BPSS.
Key facts
- Role: regulate, supervise and strengthen digital payments, including UPI and mobile wallets.
- Decisions by majority vote, with a casting vote in a tie.
| Seat | Who |
|---|---|
| Chairperson (ex-officio) | RBI Governor |
| Member (ex-officio) | Deputy Governor for payment and settlement systems |
| Member (ex-officio) | RBI officer nominated by the Central Board |
| Three members | Central Government nominees |
Why PRB
- An inter-ministerial committee proposed an independent regulator outside RBI.
- RBI objected in 2018 via a Dissent Note, citing continuity, expertise and security.
- PRB gives government a voice while control stays with RBI.
Exam angle
- Predecessor: BPSS; chair: RBI Governor.