New payments board notified by Reserve Bank

MUMBAI: The RBI has notified a six-member Payments Regulatory Board (PRB) to oversee the regulation and supervision of payment systems in the country. Headed by the RBI governor, the board will be supported by the central bank's department of payment and settlement systems, which will report directly to it.

The PRB replaces the Board for Regulation and Supervision of Payment and Settlement Systems, which was also chaired by the governor but did not include any govt nominees. The new board will have three members nominated by Centre, the RBI deputy governor in charge of payment systems and one RBI officer chosen by central board.