PRB was constituted consequent to an amendment in the Payment and Settlement Systems Act, 2007, which came into effect on May 9, 2025.
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REUTERS/FRANCIS MASCARENHAS
The Reserve Bank of India (RBI) held the first meeting of the Payments Regulatory Board (PRB) on Monday in Mumbai under the Chairmanship of Governor Sanjay Malhotra. PRB was constituted consequent to an amendment in the Payment and Settlement Systems Act, 2007, which came into effect on May 9, 2025.
“The Board reviewed the functions of the Department of Payment and Settlement Systems and current focus areas covering both domestic and global payment systems. The draft Payments Vision 2028 was presented, and Members gave strategic guidance to ensure the continued development of India’s payment ecosystem. A presentation on the major findings of the Survey on Digital Payments, recently conducted by RBI, was also made,” the RBI said.
S Krishnan, Secretary, Ministry of Electronics and Information Technology; Nagaraju Maddirala, Secretary, Department of Financial Services; Aruna Sundararajan, IAS (Retd.); T Rabi Sankar, Deputy Governor at RBI, and Vivek Deep, Executive Director at RBI, were in attendance.
Published on January 5, 2026
