RBI appoints Gunveer Singh as executive director to head payment and settlement systems
New Delhi, May 18
The Reserve Bank of India appointed Gunveer Singh as executive director with immediate effect, assigning him charge of the Department of Payment and Settlement Systems.
Prior to his elevation, Singh was serving as chief general manager in charge of the same department, where he oversaw the regulation and development of India's payments infrastructure. He brings over three decades of experience at the central bank across payment and settlement systems, banking and non-banking supervision, risk monitoring, and government banking.
Singh has also served internationally as a payment systems expert at the Central Bank of Oman, giving him exposure to cross-border payment frameworks and regulatory practices. The RBI said his background would support the department's ongoing work on modernising retail and wholesale payment systems, strengthening settlement infrastructure, and enhancing risk management.
In his new role, Singh will lead policy and operational oversight for the department at a time when India's digital payments ecosystem continues to expand rapidly. The RBI has been focusing on scaling UPI, enabling interoperable systems, and strengthening cybersecurity and resilience in payment networks.
Singh is a qualified Chartered Accountant and a Cost and Works Accountant, credentials that the RBI said would add depth to his supervisory and financial expertise. His career has spanned both prudential supervision and operational domains, giving him a broad view of the banking and financial sector's functioning.
The appointment comes as the RBI continues to push for innovation in payments while maintaining financial stability and consumer protection. The Department of Payment and Settlement Systems plays a central role in regulating payment system operators, setting technical and security standards, and promoting interoperability across banks and non-bank entities.
With digital transactions forming an increasingly large share of retail payments in India, the department's mandate has expanded to cover areas such as real-time gross settlement, central securities depositories and cross-border payment linkages. Singh's experience in risk monitoring and supervision is expected to be key as the RBI balances innovation with systemic safety.
The RBI said Singh's appointment reflected the central bank's emphasis on building institutional capacity within critical operational departments. His elevation also underscores the importance the regulator places on payment systems as a core component of financial infrastructure.
— ANI
Reader Comments
Hope he focuses on cybersecurity more than just pushing numbers. We keep hearing about UPI frauds and phishing attacks. The RBI needs to make sure rural India also gets safe access to these systems. 🤞
3 decades of experience and a chartered accountant too! That's the kind of depth we need. But I wish the article mentioned something about his vision for UPI's global expansion. With India pushing UPI in UAE, Singapore, and now France, we need strong leadership. 🇮🇳
Interesting appointment. Coming from the West, I find it fascinating how India's payment system leapfrogged. Hope Mr. Singh focuses on interoperability between UPI and international payment rails. The world could learn a lot from India's digital payment revolution.
A good move by RBI. But I sincerely hope the department also looks into making payment systems more inclusive for small merchants and daily wagers. Many still depend on cash because digital payments have charges that eat into their thin margins. Fairness matters! 🎯
The fact that Singapore's PayNow and India's UPI are now linked is a game changer for NRIs and travelers. With someone who has cross-border experience, we could see more such linkages. Imagine paying with UPI in London or New York in the next 5 years! 😎
R