According to the Reserve Bank of India’s (RBI) notification, a six-member new Payments Regulatory Board will be formed to regulate and supervise payment systems in India with the central government to have a ‘say’.
The board will be headed by RBI governor and will include three central government nominees, and it will replace the existing Board for Regulation and Supervision of Payment and Settlement System (BPSS).
Overview of Payments Regulatory Board
Headed by: RBI Governor
Composition: Six members total
- RBI Governor (Chairperson) — ex officio
- Deputy Governor in charge of Payment and Settlement Systems — ex officio
- One RBI official nominated by the Central Board — ex officio
- Three members nominated by the Central Government
Replaces: Board for Regulation and Supervision of Payment and Settlement System (BPSS), which had five members and did not include government nominees.
Voting: Each member has one vote. Decisions are made by majority vote.
In case of a tie, the Chairperson (RBI Governor) or Deputy Governor (if Chairperson absent) holds the casting vote.
Meetings: Ordinarily meet at least twice a year.
Invitees:
Can invite experts in payments, IT, law (permanent or ad hoc).
RBI’s Principal Legal Adviser is a permanent invitee.
