RBI Governor Sanjay Malhotra chairs first Payments Regulatory Board meeting

RBI Governor Sanjay Malhotra

The first meeting of the Payments Regulatory Board (PRB) was held today under the chairmanship of the RBI Governor Sanjay Malhotra. PRB came into effect as a result of an amendment in the Payment and Settlement Systems Act, 2007, last year in May.

In its first meeting, the Payments Regulatory Board reviewed the current focus areas, covering domestic and global payment systems. The meeting also reviewed the functions of the Department of Payment and Settlement Systems.

Members shared their expert guidance for the continued development of India's payment ecosystem. The draft Payments Vision 2028 was also presented. A presentation on the major findings of the Survey on Digital Payments, recently conducted by the RBI, was also made.

As per the RBI notification published in the Gazette of India on May 21, the new PRB will be headed by the RBI Governor and will, for the first time, include three nominees from the central government. The other members will be the Deputy Governor in charge of Payment and Settlement Systems, one RBI official nominated by the Central Board, and the three government nominees. The Governor, Deputy Governor, and the nominated RBI official will serve as ex officio members.

Members of PRB -- S Krishnan, Secretary, Ministry of Electronics and Information Technology; Nagaraju Maddirala, Secretary, Department of Financial Services; Aruna Sundararajan, IAS (Retd); T Rabi Sankar, RBI Deputy Governor; and Vivek Deep, RBI Executive Director, attended the meeting.