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Inaugural Meeting Sets Regulatory Tone
RBI Governor Sanjay Malhotra presided over the inaugural meeting of the Payments Regulatory Board (PRB) today, a key step in enhancing the oversight of India's rapidly evolving payment systems. The PRB, formalized through an amendment to the Payment and Settlement Systems Act, 2007, in May last year, is poised to play a crucial role in shaping the nation's financial technology landscape.
Focus on Payment Ecosystem Development
During the session, the board thoroughly reviewed existing focus areas for both domestic and international payment systems, alongside the operational functions of the Department of Payment and Settlement Systems. This marks a significant moment as the PRB, now including three central government nominees alongside RBI officials, begins its mandate to guide the development of India's payment ecosystem.
Draft Payments Vision 2028 Unveiled
A notable agenda item was the presentation of the draft Payments Vision 2028. This forward-looking document is expected to outline strategic priorities and policy directions for the next five years, aiming to foster innovation and security in digital transactions. Findings from the RBI's recent Survey on Digital Payments were also discussed, providing data-driven insights into user behavior and market trends.
The PRB's structure, as detailed in the Gazette of India notification on May 21, comprises RBI Governor Sanjay Malhotra as its head, alongside Deputy Governor T Rabi Sankar, an RBI Executive Director Vivek Deep, and three government appointees: S Krishnan (Secretary, Ministry of Electronics and Information Technology), Nagaraju Maddirala (Secretary, Department of Financial Services), and Aruna Sundararajan (IAS Retired). This collaborative setup ensures representation from both regulatory bodies and the government.