| Topic | Details |
|---|---|
| Event | Establishment of the Payments Regulatory Board (PRB) by the Reserve Bank of India (RBI) |
| Purpose | To oversee and regulate India's payment systems, ensuring transparency, efficiency, and security |
| Replaces | Board for Regulation and Supervision of Payment and Settlement Systems (BPSS) |
| Legal Basis | Derives authority from the Payment and Settlement Systems Act, 2007 |
| Structural Changes | PRB is a distinct entity (not a sub-committee of RBI's Central Board); supported by the Department of Payment and Settlement Systems (DPSS) |
| Chairperson | Sanjay Malhotra, RBI Governor |
| Membership | 6 members: 3 from RBI (Deputy Governor in charge of payment systems, Executive Director for payment systems) and 3 government nominees (Secretary of Financial Services, Secretary of Electronics & IT, Aruna Sundararajan) |
| Decision Rules | Decisions by majority vote; Chairperson has casting vote in case of a tie; meetings held at least twice a year; decisions via circulation permitted when authorized by the chair |
| Functions | Regulates and supervises all payment systems: electronic (UPI, NEFT, RTGS, IMPS, card networks), non-electronic (cheque clearing systems), domestic and cross-border transactions, public and private platforms |
| Supported By | Department of Payment and Settlement Systems (DPSS) |
| Key Highlights | PRB constitutes a more autonomous and robust regulatory framework; reflects India's ambitions to lead in digital payments globally |
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