Background & Context
The first meeting of the Payments Regulatory Board (PRB) was held in January 2026, chaired by RBI Governor Sanjay Malhotra. This marks the formal shift from the old "BPSS" (Board for Regulation and Supervision of Payment and Settlement Systems) to the new PRB framework.
Evolution & Composition
- Statutory Basis: Constituted under the Payment and Settlement Systems (PSS) Act, 2007 (amended in 2025).
- Membership: A 6-member board headed by the RBI Governor.
- Objectives: To oversee the burgeoning digital payment landscape, ensure consumer protection, and finalize the Payments Vision 2028.
- Significance: It provides a more robust, independent regulatory structure for UPI, NEFT, and emerging cross-border payment links.
IAS-2026 - OPTIONAL / GEOGRAPHY / PUBLIC ADMINISTRATION / SOCIOLOGY / ANTHROPOLOGY / ORIENTATION ON 03 & 04-10-2025 
