•The Reserve Bank of India (RBI) has announced the formation of a six-member Payments Regulatory Board (PRB) to oversee and regulate payment systems in India.

•This new board replaces the Board for Regulation and Supervision of Payment and Settlement Systems (BPSS).

Key Features of the Payments Regulatory Board (PRB)

1.Composition of the Board

•Headed by the RBI Governor.

•Includes three nominees from the central government (a first-time inclusion).

•The Deputy Governor in charge of Payment and Settlement Systems and one RBI official nominated by the Central Board are also members.

•The Governor, Deputy Governor, and nominated RBI official will serve as ex officio members.

2. Regulatory Role & Functions

•The PRB will regulate and supervise payment systems across India.

•It will meet at least twice a year to discuss policy decisions.

•The board may invite experts in payment systems, IT, and law as permanent or ad hoc invitees.

•The Principal Legal Adviser of the RBI will be a permanent invitee.