Skip to content
Free updates Login
BankingNABARD / RBI

Payments Regulatory Board (PRB) Formed by RBI to Replace BPSS

2 October 20251 min read
BANKING & FINANCEPaymentsRegulatory Board(PRB) Formed by RBIto Replace BPSS2 October 2025safalsetu.com

Why in the news

A new board now oversees the country’s payment systems. Its predecessor had no government voice.

Key facts

  • Government nominees: Secretaries of DFS and MeitY.
  • Permanent invitee: RBI’s Principal Legal Adviser.
  • BPSS was a five-member body without government representatives.

Background

  • An inter-ministerial committee under the Economic Affairs Secretary recommended an independent regulatory board.
  • It also proposed amending the Payment and Settlement Systems Act, 2007.

Exam angle

  • Replaced body: BPSS.
  • Committee head: Economic Affairs Secretary.
  • Meeting norm: twice a year.

Test yourself

1. Which body has the RBI set up to regulate payment systems in place of the BPSS?

The notes say the Payments Regulatory Board replaces BPSS.

2. Who chairs the Payments Regulatory Board formed by the RBI?

The RBI Governor, Sanjay Malhotra, is the chair of the PRB.

3. A committee headed by which official suggested amending the Payment and Settlement Systems Act, 2007?

The inter-ministerial committee was headed by the Economic Affairs Secretary.

This topic is part of Daily Current Affairs 1 October 2025 (15 topics).

All topics of the dayDay quizOctober 2025

Read more