RBI Forms Payments Regulatory Board

Mumbai, Sep 30 (PTI) The Reserve Bank on Tuesday constituted the six-member Payments Regulatory Board, which includes three central government nominees, to supervise the functioning of payment systems in the country.

The panel is headed by the Governor.

The Payments Regulatory Board (PRB) replaces the Board for Regulation and Supervision of Payment and Settlement System (BPSS), a committee of the Central Board of the Reserve Bank of India.

The five-member BPSS was also headed by the RBI Governor, but does not include any government nominee.

The other two RBI members on the PRB are Deputy Governor and Executive Director in-charge of the Payment and Settlement Systems.

Government nominees on the board are Secretary, Department of Financial Services; Secretary, Ministry of Electronics and Information Technology; and Aruna Sundararajan, former telecom secretary.

The Principal Legal Adviser of RBI is a permanent invitee to the meetings of the board.

The Payments Regulatory Board shall ordinarily meet at least twice a year, according to a notification issued in May.