RBI forms six-member payments regulatory board, includes 3 govt nominees; to oversee payment systems

The Reserve Bank of India has constituted a new six-member Payments Regulatory Board (PRB) to supervise the nation’s payment systems. Chaired by the RBI Governor, the PRB includes three central government nominees, a significant change from its predecessor, the BPSS. This board is mandated to meet at least twice annually for effective oversight.