Six-member RBI board to regulate payment systems

A SIX-MEMBER PAYMENTS regulatory board (PRB), headed by Reserve Bank of India (RBI) governor Sanjay Malhotra, will regulate and supervise payment systems in the country, according to a central bank notification.

- PRESS TRUST OF INDIA

The panel will have three central government nominees.

The PRB will replace the Board for Regulation and Supervision of Payment and Settlement System (BPSS). The five-member BPSS is also headed by the RBI governor, but does not include any government nominee. The other members are a deputy governor concerned and three directors from the Central Board of the Reserve Bank of India.