The Reserve Bank of India (RBI) has issued the Payments Regulatory Board Regulations, 2025, under the Payment and Settlement Systems Act, 2007, replacing the 2008 framework for regulating payment systems.
The new board will be chaired by the RBI Governor, with ex-officio members including the Deputy Governor overseeing payment systems and one RBI-nominated officer. Additionally, three members will be nominated by the Central Government, with a fixed tenure of four years and no option for re-nomination. The board may invite experts in areas like payments, law, IT, and cybersecurity. It must meet at least twice annually, with a quorum of three members. Decisions are made by majority, with the Chairperson holding a casting vote in case of a tie.
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