First meeting of the Payments Regulatory Board (PRB)

The first meeting of the Payments Regulatory Board (PRB) was held in Mumbai on 5 January 2026, under the chairmanship of Reserve Bank of India (RBI) Governor Sanjay Malhotra.

Board Constituted After Legislative Amendment
The Payments Regulatory Board was constituted following amendments to the Payment and Settlement Systems (PSS) Act, 2007, which came into effect on 9 May 2025. These amendments brought significant changes to India’s payments regulatory architecture.

Key Issues Reviewed
During the meeting, the Board:

• Reviewed the functioning of the Department of Payment and Settlement Systems
• Discussed key focus areas related to domestic and global payment systems
• Examined the draft Payments Vision 2028, outlining the future roadmap for India’s payments ecosystem
• Reviewed findings of the RBI’s recent Survey on Digital Payments

Replacement of BPSS with PRB
As a result of the amendment to the PSS Act, the earlier Board for Regulation and Supervision of Payment and Settlement Systems (BPSS) has been replaced by the Payments Regulatory Board.

Role of IFSCA
Under the new framework, the International Financial Services Centres Authority (IFSCA) will exercise its powers, perform functions, and discharge duties under the PSS Act, 2007 through the Payments Regulatory Board.