The Board will be responsible for the regulation and supervision of payment systems under the Payment and Settlement Systems Act, 2007.
- It has replaced the earlier Board for Regulation and Supervision of Payment and Settlement Systems (BPSS).
About the Payments Regulatory Board
- Composition & Structure:
- As per Section 3 of the Payment and Settlement Systems Act, the Board shall consist of
- Governor of the Reserve Bank as ex officio Chairperson;
- Deputy Governor of the Reserve Bank (in-charge of the Payment and Settlement Systems) as ex officio member;
- One officer of the Reserve Bank, nominated by the Central Board of the Reserve Bank as ex officio member;
- Three central government nominated persons, expert in payment systems, IT, cybersecurity, law.
- Tenure: 4 years, non-renewable; resignation allowed with 6 weeks’ notice.
- Disqualifications: Age >70; insolvency; criminal conviction ≥180 days; MPs/MLAs, etc.
- Principal Legal Adviser of RBI is a permanent invitee.
- RBI may also invite experts (permanent/ad hoc) for meetings.
- As per Section 3 of the Payment and Settlement Systems Act, the Board shall consist of
- Meetings: At least twice a year with a Quorum of 3 members including Chairperson (or Deputy Governor in his absence) and a nominated member.
- Decision-making: Decisions by majority of votes of the members present and voting;
- Chairperson (or Deputy Governor in his absence) has a casting vote in case of tie.
About Payment and Settlement Systems Act, 2007
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