The Reserve Bank of India (RBI) on Tuesday constituted a six-member Payments Regulatory Board (PRB) to supervise the functioning of payment systems across the country. The board is chaired by the RBI Governor and includes three nominees from the central government.The PRB replaces the earlier Board for Regulation and Supervision of Payment and Settlement System (BPSS), which was a five-member panel also headed by the RBI Governor but did not include any government nominees, PTI reported.Apart from the Governor, the two other RBI representatives on the PRB are the Deputy Governor and the Executive Director in charge of Payment and Settlement Systems. Government nominees include the Secretary of the Department of Financial Services, the Secretary of the Ministry of Electronics and Information Technology, and Aruna Sundararajan, former telecom secretary.The Principal Legal Adviser of the RBI will attend PRB meetings as a permanent invitee. According to a May notification, the Payments Regulatory Board is expected to meet at least twice a year to ensure the effective oversight of the nation’s payment systems.
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