RBI holds first Payments Regulatory Board meeting in Mumbai

The formation of the PRB followed amendments to the Payment and Settlement Systems Act, 2007, enacted on May 9, 2025.
| Photo Credit:
REUTERS/FRANCIS MASCARENHAS

The Reserve Bank of India (RBI) conducted the inaugural meeting of the Payments Regulatory Board (PRB) in Mumbai on Monday, chaired by Governor Sanjay Malhotra. The PRB was established under provisions introduced through changes to the Payment and Settlement Systems Act, 2007, effective May 9, 2025.

During the meeting, the Board examined the operations of the Department of Payment and Settlement Systems and ongoing priorities in both domestic and international payment systems. Members provided strategic input on the draft Payments Vision 2028 to promote growth in India’s payment infrastructure. The session also featured insights from the RBI’s recent Survey on Digital Payments.

Attendees included S Krishnan, Secretary of the Ministry of Electronics and Information Technology; Nagaraju Maddirala, Secretary of the Department of Financial Services; retired IAS officer Aruna Sundararajan; RBI Deputy Governor T Rabi Sankar; and RBI Executive Director Vivek Deep.

Published on January 5, 2026