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RBI's Payments Regulatory Board Holds Inaugural Meet, Reviews Vision 2028

The inaugural meeting of the Payments Regulatory Board was held in Mumbai under the chairmanship of RBI Governor Sanjay Malhotra. The board reviewed the functions of the payment systems department and the draft Payments Vision 2028 document. A presentation on the findings of the RBI's recent Survey on Digital Payments was also made during the session. The PRB was constituted following an amendment to the Payment and Settlement Systems Act, replacing the earlier BPSS committee.

Key Points: RBI's Payments Regulatory Board Reviews Draft Payments Vision 2028

  • First PRB meeting held in Mumbai
  • Draft Payments Vision 2028 reviewed
  • Digital payments survey findings presented
  • PRB replaces former BPSS committee
  • Focus on domestic and global payment systems
1 min read

Board of Payments Regulatory Board holds its first meet, reviews draft Payments Vision 2028

The newly constituted Payments Regulatory Board held its first meeting in Mumbai, reviewing the draft Payments Vision 2028 and digital payments survey findings.

"Members gave strategic guidance to ensure the continued development of India's payment ecosystem - RBI Statement"

Mumbai, January 5

The first meeting of the Payments Regulatory Board was held in Mumbai under the Chairmanship of Reserve Bank of India Governor Sanjay Malhotra on Monday.

The Board reviewed the functions of the Department of Payment and Settlement Systems, and current focus areas covering both domestic and global payment systems. The draft Payments Vision 2028 was presented, and Members gave strategic guidance to ensure the continued development of India's payment ecosystem, RBI said in a statement.

A presentation on the major findings of the Survey on Digital Payments, recently conducted by RBI, was also made.

It may be recalled that PRB was constituted consequent to an amendment in the Payment and Settlement Systems Act, 2007 which came into effect on May 9, 2025.

The erstwhile Board for Regulation and Supervision of Payment and Settlement Systems (BPSS), a committee of the Central Board of the RBI was replaced with the Payments Regulatory Board.

At the meeting, members of PRB viz., S Krishnan, Secretary, Ministry of Electronics and Information Technology, Nagaraju Maddirala, Secretary, Department of Financial Services, Aruna Sundararajan, IAS (Retd.), T Rabi Sankar, Deputy Governor, and Vivek Deep, Executive Director were present.

- ANI

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Reader Comments

P
Priya S
Good to see this formal structure. But I hope they also address the issue of failed transactions and the time taken for refunds. Sometimes the 'digital' experience is frustrating when money gets stuck.
R
Rohit P
India's payment system is the envy of the world! From chaiwalas to big shops, everyone uses UPI. Excited to see what Vision 2028 brings. More power to RBI and the new board. 💪
S
Sarah B
As someone who moved to India recently, the payment system here is lightyears ahead. Hope the new vision includes making it easier for foreigners/NRIs to use these systems without an Indian phone number.
V
Vikram M
The inclusion of MeitY Secretary is key. Technology and finance need to work hand-in-hand. Security and data privacy should be the topmost priority in the new vision document. No compromises there.
K
Karthik V
While I appreciate the progress, I respectfully think more consumer representatives should be involved in such boards. It can't just be bureaucrats and bankers deciding the future of *our* payments.

We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.

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