Payments Regulatory Board

1. Payments Regulatory Board

About

• The Reserve Bank of India (RBI) has constituted the Payments Regulatory Board (PRB) and appointed six-members to this board led by RBI Governor as Chairman.  
  • Alongside the Governor, the board comprises two other RBI representatives and three Central Government nominees. 
    • The Principal Legal Advisor of the RBI is a permanent invitee to the meetings of the board.
• The Board is responsible for the regulation and supervision of all payment systems including electronic and non-electronic, domestic and cross-border systems. 
• The PRB replaces the Board for Regulation and Supervision of Payment and Settlement Systems (BPSS), a committee of the RBI’s Central Board.  
• The PRB will be supported by the RBI’s Department of Payment and Settlement Systems (DPSS), which will report directly to it. 
• The new board derives its authority from the Payment and Settlement Systems Act, 2007.

Voting

• Decisions requiring approval during board meetings will be taken by a majority of members present and voting. In the event of a tie, the chairperson will have a second or casting vote.  
• The Board is required to meet at least twice a year.

Why in News?

• The first meeting of the Payments Regulatory Board (PRB) was held in Mumbai under the chairmanship of RBI Governor Sanjay Malhotra.

2. SHANTI Bill

What’s in the news?

• President Droupadi Murmu has granted assent to the Sustainable Harnessing and Advancement of Nuclear Energy for Transforming India (SHANTI) Bill, 2025, passed by the Parliament recently. 

• The proposed legislation seeks to repeal the Atomic Energy Act, 1962 and the Civil Liability for Nuclear Damage Act, 2010, and replace them with a single, comprehensive law aligned with India’s present and future energy requirements.  

What is Nuclear Energy?  Nuclear energy is the use of controlled atomic reactions to produce power.   At its core, it relies on splitting atoms in a process called fission, which releases large amounts of heat. This heat is then used to generate electricity without producing greenhouse gases.   Globally, nuclear energy is valued as a clean, dependable source that complements renewable options like solar and wind.    Present Outlook:   Nuclear power contributed only around 3% of the electricity generated in India in 2024-25. The present nuclear capacity stands at 8.78 GW. The government has set a target to install 100 GW of nuclear capacity by 2047.  Nuclear Energy Mission:   Announced in Union Budget 2025-26, it allocates ₹20,000 crore to drive design, development, and deployment of Small Modular Reactors (SMRs). Refer SCA Prelims Magazine September Edition for details about SMRs.  Target: At least five indigenously designed SMRs to be operational by 2033, strengthening India’s clean energy roadmap.

Key Provisions of the Bill?

Private Sector Integration:

• The Bill opens India’s nuclear power sector to private and foreign participation, which was earlier entirely State-controlled and deeply regulated.
• Under the Bill, private Indian companies can seek licences to own, build, and operate nuclear power plants. It is also open for foreign supplier participation.

Activities Under Exclusive Central Government Purview: 

• The Bill allows up to 49% private participation, while maintaining 51% government control over sensitive activities such as nuclear fuel production, heavy water manufacturing, radioactive waste management, safety mechanisms, licensing, and strategic oversight.

Graded Liability Structure:  

• In contrast to existing laws that impose a single statutory cap on operator liability, the SHANTI Bill establishes a graded liability framework (liability limit ranging from Rs 100 crore to Rs 3,000 crore based on power capacity). 
  • The central government will bear liability beyond the operator’s cap, with additional support from a dedicated nuclear liability fund. 
• Earlier, operators could hold suppliers liable for defective parts, faulty equipment, design inefficiency, and deliberate acts causing damage. The current Bill removes supplier liability completely. 

Regulation of Non-Power Applications:  

• Provides a regulatory framework for the use of nuclear and radiation technologies in health care, agriculture, industry, research, and other peaceful applications. 

Exemption for Certain Activities:  

• Allows exemption from a license for limited activities like research, development, and innovation-related work. 

Statutory Body:  

• The Atomic Energy Regulatory Board (AERB), constituted in 1983 under the Atomic Energy Act, has now been given statutory status and is answerable to Parliament rather than solely to the executive. 
• The AERB is responsible for ensuring nuclear safety, radiation protection, emergency preparedness, and quality assurance across civilian nuclear installations.  

Dispute Redressal Mechanism:  

• Establishes an Atomic Energy Redressal Advisory Council to facilitate the redressal of disputes. 

Appellate Tribunal Provision:  

• The Appellate Tribunal for Electricity, set up under the Electricity Act, 2003, will serve as the appellate authority, empowered to hear appeals under provisions of the bill and any additional matters as notified by the Central Government. 

Claims Commissioner Appointment:  

• Empowers the Central Government to appoint Claims Commissioners for adjudicating compensation claims related to nuclear damage. 

Nuclear Damage Claims Commission:  

• Provides for a dedicated Commission to handle cases involving severe nuclear damage and ensure timely adjudication. 

Territorial jurisdiction for claims:  

• Under the 2010 Act, compensation may be claimed for damages within India’s territory or its jurisdiction.  
• The Bill extends the coverage to nuclear damage in the territory of a foreign state from incidents in India, subject to certain conditions.