The Board will be responsible for the regulation and supervision of payment systems under the Payment and Settlement Systems Act, 2007.

• It has replaced the earlier Board for Regulation and Supervision of Payment and Settlement Systems (BPSS).

About the Payments Regulatory Board

• Composition & Structure:
  • As per Section 3 of the Payment and Settlement Systems Act, the Board shall consist of 
    • Governor of the Reserve Bank as ex officio Chairperson; 
    • Deputy Governor of the Reserve Bank (in-charge of the Payment and Settlement Systems) as ex officio member; 
    • One officer of the Reserve Bank, nominated by the Central Board of the Reserve Bank as ex officio member;
    • Three central government nominated persons, expert in payment systems, IT, cybersecurity, law.
      • Tenure: 4 years, non-renewable; resignation allowed with 6 weeks’ notice.
      • Disqualifications: Age >70; insolvency; criminal conviction ≥180 days; MPs/MLAs, etc.
  • Principal Legal Adviser of RBI is a permanent invitee.
  • RBI may also invite experts (permanent/ad hoc) for meetings.
• Meetings: At least twice a year with a Quorum of 3 members including Chairperson (or Deputy Governor in his absence) and a nominated member.
• Decision-making: Decisions by majority of votes of the members present and voting;
  • Chairperson (or Deputy Governor in his absence) has a casting vote in case of tie.