Payments Regulatory Board Regulations 2025 Notified
Why in the news
A new Payments Regulatory Board will oversee payments, taking over from the BPSS.
Key facts
- BPSS was a committee of the RBI central board; the PRB works under the PSS Act, 2007, supported by RBI’s DPSS.
- Members (Section 3): Governor (chair), Deputy Governor for payments, one RBI officer, and three government nominees.
- Invitees: experts in payments, IT and law; RBI’s Principal Legal Adviser permanently.
- The Governor’s casting vote settles ties.
Implications
- Larger government role; unclear whether nominees will be bureaucrats or experts.
- RBI had resisted an independent PRB in 2018.
- Related: co-lending norms; stronger NPCI oversight of UPI.
Exam angle
- Replaces BPSS; parent law PSS Act, 2007.