| Category | Details |
|---|---|
| Event | First meeting of the Payments Regulatory Board (PRB) held in Mumbai. |
| Regulatory Authority | Constituted under the Payment and Settlement Systems Act, 2007 (amended). |
| Effective Date | Came into effect on May 9, 2025. |
| Chairperson | RBI Governor Sanjay Malhotra chaired the meeting. |
| Objective | To regulate and supervise payment systems, ensuring safety, efficiency, and innovation in digital payments. |
| Key Discussions | - Reviewed Department of Payment and Settlement Systems (DPSS) functioning. - Examined domestic and global payment systems. - Discussed regulatory priorities for secure and resilient infrastructure. |
| Payments Vision 2028 | Draft roadmap for India's payment ecosystem, focusing on innovation, customer protection, and global interoperability. |
| Digital Payments Survey | RBI shared insights on user adoption, challenges, and emerging trends. |
| Participants | - Secretary, Ministry of Electronics & IT - Secretary, Department of Financial Services - Senior RBI officials |
| Composition of PRB | - Ex-officio Chairperson: RBI Governor - Ex-officio Members: 1 Deputy Governor & Executive Director (Payments) - 3 Govt. Nominees - Permanent Invitee: RBI's Principal Legal Adviser |
| Decision-Making | Majority vote; Chairperson has casting vote in case of a tie. |
| Meeting Frequency | At least twice a year. |
| Functions | Regulates electronic/non-electronic, domestic/cross-border payment systems. |
| Significance | Strengthens oversight of India's fast-growing digital payments market (e.g., UPI) amid risks like cyber threats and systemic failures. |
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