RBI constitutes Payments Regulatory Board headed by Governor

The Reserve Bank of India (RBI) connected Tuesday constituted the Payments Regulatory Board and appointed six-members to this committee led by RBI Governor arsenic Chairman. 

The Board is liable for the regularisation and supervision of each outgo systems including physics and non-electronic, home and cross-border systems.

The different members see the Deputy Governor, RBI, successful complaint of Payment & Settlement Systems; Executive Director, RBI, successful complaint of Payment & Settlement Systems; Secretary Department of Financial Services; Secretary Ministry of Electronics and Information Technology and Aruna Sundararajan, IAS (Retd), the RBI said successful a circular.

The caller amendments to the Payment and Settlement Systems Act, 2007 came into effect from May 9, 2025. With the notification, the erstwhile Board for Regulation and Supervision of Payment and Settlement Systems (BPSS), a committee of the Central Board of the RBI, has been replaced with the Payments Regulatory Board from May 9, 2025, the cardinal slope said. 

The Principal Legal Advisor of the RBI is simply a imperishable invitee to the meetings of the board.