The Reserve Bank of India (RBI) on Tuesday constituted the Payments Regulatory Board and appointed six-members to this board led by RBI Governor as Chairman.
The Board is responsible for the regulation and supervision of all payment systems including electronic and non-electronic, domestic and cross-border systems.
The other members include the Deputy Governor, RBI, in charge of Payment & Settlement Systems; Executive Director, RBI, in charge of Payment & Settlement Systems; Secretary Department of Financial Services; Secretary Ministry of Electronics and Information Technology and Aruna Sundararajan, IAS (Retd), the RBI said in a circular.
The recent 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 central bank said.
The Principal Legal Advisor of the RBI is a permanent invitee to the meetings of the board.
Published – September 30, 2025 10:59 pm IST
