The Payments Regulatory Board (PRB) held its first meeting in Mumbai on Tuesday under the chairmanship of Sanjay Malhotra, Governor, Reserve Bank of India.
The PRB was constituted following an amendment to the Payment and Settlement Systems Act, 2007, which came into effect on May 9, 2025. During the meeting, the Board reviewed the functions of the Department of Payment and Settlement Systems and discussed current focus areas across domestic and global payment systems.
The draft Payments Vision 2028 was presented, with members providing strategic guidance aimed at strengthening and advancing India’s payments ecosystem. The Board was also briefed on the key findings of the RBI’s recent Survey on Digital Payments.
The meeting was attended by PRB members including S. Krishnan, Secretary, Ministry of Electronics and Information Technology; Nagaraju Maddirala, Secretary, Department of Financial Services; Aruna Sundararajan; T. Rabi Sankar, Deputy Governor; and Vivek Deep, Executive Director.