RBI's Payments Regulatory Board holds first meeting in Mumbai

The first meeting of the new Payments Regulatory Board (PRB) was held in Mumbai, chaired by RBI Governor Sanjay Malhotra. The board reviewed payment systems and discussed the draft Payments Vision 2028 and findings from a digital payments survey.

Payments Regulatory Board Holds Inaugural Meeting

The first meeting of the Payments Regulatory Board (PRB) was held in Mumbai under the Chairmanship of Reserve Bank of India (RBI) Governor Sanjay Malhotra on Monday. The Board reviewed the functions of the Department of Payment and Settlement Systems, and current focus areas covering both domestic and global payment systems.

The draft Payments Vision 2028 was presented, and Members gave strategic guidance to ensure the continued development of India's payment ecosystem, RBI said in a statement. A presentation on the major findings of the Survey on Digital Payments, recently conducted by RBI, was also made.

Background and Establishment of PRB

It may be recalled that PRB was constituted consequent to an amendment in the Payment and Settlement Systems Act, 2007 which came into effect on May 9, 2025. The erstwhile Board for Regulation and Supervision of Payment and Settlement Systems (BPSS), a committee of the Central Board of the RBI was replaced with the Payments Regulatory Board.

Board Members in Attendance

At the meeting, members of PRB viz., S Krishnan, Secretary, Ministry of Electronics and Information Technology, Nagaraju Maddirala, Secretary, Department of Financial Services, Aruna Sundararajan, IAS (Retd.), T Rabi Sankar, Deputy Governor, and Vivek Deep, Executive Director were present.

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