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.
- Alongside the Governor, the board comprises two other RBI representatives and three Central Government nominees.
- 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.