Published: 5 January 2026Business StandardEconomy
RBI Governor Chairs First Meeting of Payments Regulatory Board (PRB)
RBI Governor Sanjay Malhotra chaired the inaugural meeting of the Payments Regulatory Board (PRB) in Mumbai on January 5, 2026, marking the operationalization of India's new payments governance framework. The PRB is a statutory body that replaces the earlier Board for Regulation and Supervision of Payment and Settlement Systems (BPSS).
The board reviewed the functions of the Department of Payment and Settlement Systems (DPSS) and discussed key focus areas across domestic and global payment systems. The draft Payments Vision 2028 was presented, along with findings from RBI's survey on digital payments. The PRB was constituted under the Payment and Settlement Systems Act, 2007 (amended), and has six members tasked with ensuring safety, efficiency, and stability of India's rapidly growing digital payments ecosystem.
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Q: Discuss the rationale and significance of establishing the Payments Regulatory Board as India's new governance framework for digital payment systems, replacing the earlier Board for Regulation and Supervision of Payment Systems.
Answer (50 words):
Reserve Bank of India Governor Sanjay Malhotra chaired the inaugural Payments Regulatory Board meeting in Mumbai on January 5, 2026. Constituted under the Payment and Settlement Systems Act of 2007 with six members, the statutory body replaces the earlier BPSS and reviewed draft Payments Vision 2028 for digital payments.
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Bima Sugam, the Irdai-backed digital insurance marketplace, is often described as which digital infrastructure's equivalent for insurance?
Explanation · Correct answer CBima Sugam is called India's 'UPI for insurance' — a standardized, neutral, interoperable digital marketplace.
Frequently asked questions
Who chaired the first Payments Regulatory Board meeting and where was it held?
RBI Governor Sanjay Malhotra chaired the inaugural meeting of the Payments Regulatory Board in Mumbai on January 5, 2026.
What body did the Payments Regulatory Board replace?
The PRB is a statutory body that replaces the earlier Board for Regulation and Supervision of Payment and Settlement Systems.
What did the Payments Regulatory Board review at its first meeting?
The board reviewed the functions of the Department of Payment and Settlement Systems and discussed focus areas across domestic and global payment systems. The draft Payments Vision 2028 and findings from RBI's digital payments survey were also presented.
Under what law was the PRB constituted and what is its task?
The PRB was constituted under the Payment and Settlement Systems Act, 2007, as amended. Its six members are tasked with ensuring safety, efficiency, and stability of India's growing digital payments ecosystem.
