Reserve Bank of India (RBI) has established a six-member Payments Regulatory Board:
The Reserve Bank of India (RBI) has established a six-member Payments Regulatory Board (PRB) to enhance oversight and governance of the country’s payment systems.It is chaired by the RBI Governor and comprises two additional RBI representatives along with three Central Government nominees.
RBI Members include Deputy Governor and Executive Director in charge of Payment and Settlement Systems. RBI’s principal legal adviser is a permanent invitee to PRB meetings.
- Predecessor Body: PRB replaces the Board for Regulation and Supervision of Payment and Settlement Systems (BPSS), a committee of the RBI’s Central Board.
- Legal Authority: PRB derives powers from the Payment and Settlement Systems Act, 2007. The RBI’s Department of Payment and Settlement Systems (DPSS) reports directly to the PRB.
- Decision-Making: Decisions are by majority vote of members present. In case of a tie, the chairperson or deputy governor has a second or casting vote.
