{"id":348638,"date":"2025-05-23T15:00:05","date_gmt":"2025-05-23T09:30:05","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=348638"},"modified":"2025-05-23T14:44:28","modified_gmt":"2025-05-23T09:14:28","slug":"rbi-payments-regulatory-board-governance-digital-india","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2025\/05\/23\/rbi-payments-regulatory-board-governance-digital-india\/","title":{"rendered":"RBI\u2019s visionary step towards future of Payments Systems: Key Takeaways"},"content":{"rendered":"
\n

On 20-5-2025, the Reserve Bank of India<\/span> (‘RBI’) notified the ‘Payments Regulatory Board Regulations, 2025<\/span>’ to establish a structured framework for overseeing India’s payment and settlement system by formally creating a Payments Regulatory Board<\/span>. It became enforceable on 20-5-2025.<\/p>\n

Key Points:<\/h3>\n
    \n
  1. \n

    Under the powers conferred to RBI to make such regulations, defined in S. 38<\/a> of Payment and Settlement Systems Act, 2007<\/a>, and as a designated authority<\/span> it has depicted its vision to bring strength, transparency and innovation to traditional payment systems.<\/p>\n<\/li>\n

  2. \n

    The statute aims to regulate payments systems governance<\/span> by establishing a dedicated regulatory body, managing India’s host of payment operations ranging from manual paper-based clearance to non-cash modes of payments, which were previously managed by the RBI committee<\/span>.<\/p>\n<\/li>\n

  3. \n

    By covering all the essential aspects of the regulatory body, such as- commencement, definitions, compositions of board members, and its appointment criteria, this regulation defines the governance system.<\/p>\n<\/li>\n

  4. \n

    An expert-led Board<\/span> composition is created which will be including-<\/p>\n

      \n
    • \n

      Governor of RBI<\/p>\n<\/li>\n

    • \n

      Deputy Governor<\/p>\n<\/li>\n

    • \n

      Member ex-officio<\/p>\n<\/li>\n

    • \n

      Three members of Central Government<\/p>\n<\/li>\n

    • \n

      Experts, from various fields- payments, IT, law, etc.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n

    • \n

      Members must meet stringent criteria, such as experience in payments or cybersecurity, no political affiliations, no insolvency history, and no conflicts of interest.<\/p>\n<\/li>\n

    • \n

      Department of Payment and Settlement Systems (‘DPSS’)<\/span> will be created to assist the Board.<\/span><\/p>\n<\/li>\n

    • \n

      The Board structure will ensure that it adheres to meetings and quorum decided, follow majority-rule when casting vote, delegate powers to appropriate authorities while ensuring confidentiality and upholding public trust and integrity.<\/p>\n<\/li>\n

    • \n

      The Board can establish advisory committees<\/span> and invite experts from the payment and settlement domain<\/span>.<\/p>\n<\/li>\n

    • \n

      By incorporating diverse expertise<\/span>, this regulation fosters a robust, well-balanced, and efficient governance model<\/span>.<\/p>\n<\/li>\n

    • \n

      Payments Regulatory Board<\/span> will now be a central authority responsible for regulating India’s digital payment landscape, ensuring a well-structured framework backed by expert governance.<\/p>\n<\/li>\n<\/ol>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

      RBI redefines new regulatory framework for Payments Regulatory Board<\/p>\n","protected":false},"author":67011,"featured_media":323058,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,15],"tags":[82469,82468,68486],"class_list":["post-348638","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-rules_regulations","tag-digital-payments-india","tag-payments-regulatory-board","tag-rbi-regulations"],"yoast_head":"\nPayments Regulatory Board 2025| SCC Times<\/title>\n<meta name=\"description\" content=\"Discover how RBI's Payments Regulatory Board Regulations, 2025, enhance digital payment security and governance in India\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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