The Reserve Bank of India (RBI) has constituted a six-member Payments Regulatory Board (PRB) under the Payment and Settlement Systems Act, 2007, replacing the Board for Regulation and Supervision of Payment and Settlement Systems (BPSS).

Key Points:
• Chairperson: RBI Governor
• Members: Deputy Governor, Executive Director (RBI), and 3 Government Nominees — Secretary (DFS), Secretary (MeitY), and Aruna Sundararajan (former Telecom Secretary)
• Purpose: To oversee and regulate India’s payment systems for transparency, innovation, and coordination between RBI & Government
• Department Reporting: DPSS (Department of Payment and Settlement Systems) will report directly to the PRB

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