RBI appoints Gunveer Singh as new Executive Director for payment systems

The Reserve Bank of India appointed Gunveer Singh as executive director for the Department of Payment and Settlement Systems. A veteran with over 30 years at the central bank, he will oversee India's rapidly expanding digital payments ecosystem.

The Reserve Bank of India appointed Gunveer Singh as executive director with immediate effect, assigning him charge of the Department of Payment and Settlement Systems.

An Experienced Hand at the Helm

Prior to his elevation, Singh was serving as chief general manager in charge of the same department, where he oversaw the regulation and development of India's payments infrastructure.

He brings over three decades of experience at the central bank across payment and settlement systems, banking and non-banking supervision, risk monitoring, and government banking.

Singh has also served internationally as a payment systems expert at the Central Bank of Oman, giving him exposure to cross-border payment frameworks and regulatory practices.

Singh is a qualified Chartered Accountant and a Cost and Works Accountant, credentials that the RBI said would add depth to his supervisory and financial expertise.

His career has spanned both prudential supervision and operational domains, giving him a broad view of the banking and financial sector's functioning.

New Role and Key Responsibilities

The RBI said his background would support the department's ongoing work on modernising retail and wholesale payment systems, strengthening settlement infrastructure, and enhancing risk management.

In his new role, Singh will lead policy and operational oversight for the department at a time when India's digital payments ecosystem continues to expand rapidly.

Balancing Innovation and Systemic Safety

The RBI has been focusing on scaling UPI, enabling interoperable systems, and strengthening cybersecurity and resilience in payment networks.

The appointment comes as the RBI continues to push for innovation in payments while maintaining financial stability and consumer protection.

The Department of Payment and Settlement Systems plays a central role in regulating payment system operators, setting technical and security standards, and promoting interoperability across banks and non-bank entities.

With digital transactions forming an increasingly large share of retail payments in India, the department's mandate has expanded to cover areas such as real-time gross settlement, central securities depositories and cross-border payment linkages.

Singh's experience in risk monitoring and supervision is expected to be key as the RBI balances innovation with systemic safety.

The RBI said Singh's appointment reflected the central bank's emphasis on building institutional capacity within critical operational departments.

His elevation also underscores the importance the regulator places on payment systems as a core component of financial infrastructure.

(ANI)

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